The city of pearls Hyderabad has emerged as the world’s Second Best Dynamic city after Bengaluru among 131 major established and emerging business hubs globally, according to the sixth City Momentum Index published by JLL today.
According to the City Momentum Index ranks 2019, Bengaluru beats Hyderabad that is ranked second with Delhi (4th), Pune (5th), and Chennai (7th) featuring in top 10 cities. Kolkata was the sixth Indian city ranked amongst the top 20. In the 2018 edition of the City Momentum Edition, Hyderabad topped the rankings followed by Bengaluru (2nd), Pune (4th), Kolkatta (5th) and Delhi (8th).
The CMI focuses purely on short-term momentum over a three-year horizon. The Momentum Index rankings considered the urban economies and real estate markets which are currently undergoing significant rapid growth.
According to the CEO and Country Head of JLL India Ramesh Nair, “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. Both Bengaluru and Hyderabad have thriving information technology and start-up culture which has helped them top the rankings”, he said.
He further stated that Bengaluru, considered as the Silicon Valley of India 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 recognized as the third-largest hospitality market and the leading retail market in India,” Nair said.
He added,” 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 performings in India for the last few years in terms of the absorption and new launches.”