Hyderabad: Pushing last year’s winner Bengaluru into second place, Hyderabad has emerged as the world’s most dynamic city, revealed JLL’s City Momentum Index 2020 launched on Saturday.
The ranking ‘identifies the cities that have the strongest positive momentum in their economies and real estate markets over the short to medium term.’
While both Hyderabad and Bengaluru are in the top two globally for their socio-economic momentum, a more active real estate market helped elevate Hyderabad to the top position.
Five other Indian cities — Chennai (5th), Delhi (6th), Pune (12th), Kolkata (16th) and Mumbai (20th) also found a place in the top-20 dynamic cities list.
Edging over 130 major cities, Hyderabad recorded the highest office net absorption in 2019 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 feature in this year’s Global Top 20, cities in south India in particular – Hyderabad, Bengaluru and Chennai (5th) “are ahead of their northern peers, supported by favourable demographics and business climates”.
“Their expanding tech industries and start-up cultures make 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,” says the report.
Meanwhile, after the report was revealed, Telangana’s Minister for Information Technology and Industry K.T. Rama Rao said he was thrilled over Hyderabad not only regaining the top slot but also over the fact that it was competing with cities like Shenzhen and Shanghai in innovation economy.