Bengaluru tops list of world’s most dynamic cities
22 Jan 2019
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Bengaluru, with a robust technology and innovation ecosystem in place, has emerged as the world's most dynamic city, a recent survey by property consultant JLL has revealed.
Bengaluru is followed by Hyderabad, ranking second with Delhi at fourth, Pune at fifth, Chennai at seventh and Kolkata at fifteenth position featuring in top 20 cities, according to the survey.
Asia Pacific has 19 of the top 20 cities in the rankings, which highlight the region's continued rapid urbanisation and strong economic growth.
In the 2018 edition of the City Momentum Edition, Hyderabad topped the rankings followed by Bengaluru (2nd), Pune (4th), Kolkata (5th) and Delhi (8th).
"A key theme in this year's index is of many of the top-ranking cities having a robust technology and innovation ecosystem. The technology sector is a key driver of both real estate and economic momentum, and is propelled not only by the large dominant tech firms but also by a robust start-up culture," JLL India CEO and country head Ramesh Nair said.
Both Bengaluru and Hyderabad have a thriving information technology and start-up culture, which has helped them top the rankings, he said.
"As the Silicon Valley of India, Bengaluru has continued to witness much traction in its real estate sector over the years. Backed by a strong commercial sector, the city’s retail, hospitality and residential sectors have also gained prominence with the city being recognised as the third largest hospitality market and the leading retail market in India, he said.
Further, he said some of India's fastest growing cities have also been successful in drawing high levels of foreign direct investment with structural reforms also encouraging greater interest from foreign real estate investors who are seeking to tap into the country’s favourable growth dynamics.
Nair also noted that the implementation of reforms such as RERA and GST with a focus on improving infrastructure and improving ease of doing business have brought in more transparency in the real estate sector and has given a strong impetus to the sector.
"Hyderabad as an emerging investment destination has been in the spotlight for its growth potential and investments from all major technology led companies around the globe. The real estate market of Hyderabad has been one of the best performing in India for last few years in terms of the absorption and new launches," he added.
The other cities in the top 20 list include Hanoi at the third position, Nairobi at 6th, Ho Chi Minh City at 8th Xi'an at 9th Guangzhou at 10th.
"Asia continues to show strong momentum, with cities that are successfully expanding their innovation economy punching above their weight in terms of attracting capital, companies and people. These cities need to address the environmental and social impacts of rapid growth such as social inequality, congestion and environmental degradation," JLL director of global research Jeremy Kelly said.
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