Hyderabad has been rated the world's most dynamic city, ranked no 1 in a list comprising 130 cities from around the globe.
Hyderabad has been rated the world's most dynamic city, ranked no 1 in a list comprising 130 cities from around the globe.
In the 7th edition of the City Momentum Index (CMI) published by global real estate services firm Jones Lang Lasalle (JLL), there are three more Indian cities in the top ten - Bengaluru (2nd), Chennai (5th) and Delhi (6th).
Pune, Kolkata and Mumbai made it to the top 20, standing in the 12th, 16th and 20th positions respectively.
This year, Asia Pacific is home to three-fourth of the top 20 cities. Indian, Chinese and Vietnamese cities have dominated the top positions in the 2020 index, and India, with seven cities in the top 20, the most of any country, leads, despite the slowdown of its economy.
The JLL City Momentum Index identifies a number of key growth drivers, including talent attraction, expansion of innovation hubs and urban planning, that cities can employ to meet the challenges faced by rapid momentum.
Ramesh Nair, CEO and Country Head - India, JLL, said, "India's fastest growing cities have been drawing a significant level of interest from overseas investors. We are starting to see benefits of the government's reforms on the infrastructure and policy fronts. Despite a slowing pace of economic growth, these reforms are bringing more market transparency, which boosts investment into real estate."
"Commercial real estate in south Indian cities is growing at a rapid pace. Hyderabad has seen tremendous growth in 2019 in line with that of Bengaluru. The city has actively embraced technology-driven economic growth and attracted large tech giants and e-commerce players. The state government's focus on business-friendly policies and provision of high quality infrastructure, along with the availability of a quality talent pool and superior quality business parks in the city, have given Hyderabad a competitive edge," Nair added.
Hyderabad also scored points for "attempting to transform its urban environment in pursuit of a low-carbon future". The city was looking at technology to reduce the demand for air-conditioning with cool roofs that reflect sunlight and absorb less heat, the report said.
The growth of "micro-mobility", illustrated by the introduction in the city of smart bikes and electric cars, also helped.
A highly active real estate market helped elevate Hyderabad to the first position in the overall ranking, beating last year's topper Bengaluru. Hyderabad recorded 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 prime office rental growth.
While all seven major Indian cities featured in this year's Global Top 20, cities in south-India in particular - Hyderabad, Bengaluru and Chennai - were ahead of their northern peers, supported by favourable demographics and business climates, the report said. Their expanding tech industries and start-up cultures made them a magnet for young and ambitious talent from across the country, with Bengaluru having one of the world's largest concentrations of "engine room" population (20-40-year-olds), typically the most dynamic and productive age cohort, it noted.