The social economy and the commercial real estate have helped the darling city Bengaluru to mark into the top 5 spots of the world’s most dynamic cities. A serve has suggested that Hyderabad and silicon city has emerged as the most progressive cities in the world living behind Delhi, Kolkata, and Mumbai.
Hyderabad regains the thrown
According to the seventh edition of the City Momentum Index by global real estate services firm JLL, Hyderabad and Bengaluru have edged out 128 other cities in the world to emerge as the world’s most dynamic city.
Previously it was Bengaluru which enjoyed being on the top in 2019’s list, however, rapid business growth and increase in real estate business made Hyderabad push the tech hub city into second place in the 2020 index to regain the top position after a gap of one year. Indeed, a major active real estate market eased Hyderabad to take the first position in the overall ranking, says the report.
7 cities amongst the top 20
Telangana’s Minister K.T. Rama Rao who currently handles Industry and Information Technology department has said he was delighted over Hyderabad not only regaining the top slot but also over the fact that it was competing with cities like Shenzhen and Shanghai in an innovation economy. He also said that 50 percent weight from socio-economic indicators besides the remaining 50 percent from commercial and real estate was also cheerfull.
Cites like Chennai (5th), Delhi (6th), Pune (12th), Kolkata (16th) and Mumbai (20th) have also found a place in the top-20 dynamic cities list. Kolkata and Mumbai made it to the top 20 despite an economic slowdown.
“The tech hub Hyderabad registered the highest office net absorption in 2019 (as a proportion of existing stock) of any city globally, while it is also among the world’s best-performing cities for principal office rental growth. A growing technology sector is encouraging this momentum, with the city’s reputation receiving a further boost last year with the opening of a large campus by Amazon. It has joined fellow tech giants that include Apple, Google, and Facebook, who have all established a presence in Hyderabad in recent years,” the JLL City Momentum Index 2020 report said.