January 20, 2020
The list’s Global Top 20 included Hyderabad, Bangalore, Chennai, Delhi, Kolkata, and Mumbai
Amid rising investment, Hyderabad achieved the highest global office net absorption in 2019
Global technology giants, from R&D to e-commerce, are setting up units in Indian tech hubs
Hyderabad earned its top position through improvements in talent attraction, urban planning
The 7th edition of the City Momentum Index, released by US-based real estate firm, Jones Lang Lasalle (JLL), saw the city of Hyderabad overtake Bangalore for first place on the list as the world’s most dynamic city. Out of the 129 cities on the list, released on January 20, several Indian cities were placed within the top 20 spots, showcasing the vast potential of urban cities in India such as Bangalore, Chennai, Delhi, Kolkata, and Mumbai.
According to the JLL report, Hyderabad was able to successfully overtake Bangalore in overall rankings with the help of its active real estate market. The Telangana capital achieved the highest global office net absorption in 2019, placing it amongst the top cities in the world in terms of office rental spaces. The report also attributed Hyderabad’s high position to the rapid growth and expansion of its technology and startup sectors, helping the city attract high-quality talent from all over India.
With a government focus on framing policies and establishing infrastructure that favours businesses, India’s technology hubs are enjoying a competitive edge over the rest of the world, as stated by Ramesh Nair, CEO and Country Head – India, JLL. For this reason, many global giants in technology and e-commerce have been drawn to Hyderabad and Bangalore, as they and other South Indian cities witness a boom in commercial real estate.
In addition, the Minister of IT of Telangana, K.T. Rama Rao, expressed satisfaction over Hyderabad competing with top innovation capitals around the world. He also acknowledged the socio-economic factors contributing to this achievement as the JLL Index also considers indicators such as improvements in talent attraction or urban planning in cities undergoing rapid expansion. These include Hyderabad’s environmental initiatives for sustainable infrastructure and smart mobility solutions, ensuring a reduced carbon footprint, as a whole.