Ben­galuru takes top spot in Asia Pa­cific rank­ings

Rapid progress in tech­nol­ogy and global con­nec­tiv­ity has helped drive realty growth in In­dia’s Sil­i­con Val­ley

HT Estates - - HTESTATES - HT Es­tates Correspondent

Ben­galuru tops the JLL City Mo­men­tum In­dex (CMI) rank­ings for Asia Pa­cific, as the city’s rapid progress in tech­nol­ogy and global con­nec­tiv­ity helped drive real es­tate growth.

“Ben­galuru is ef­fec­tively the ‘Sil­i­con Val­ley’ of In­dia with its mix of re­search in­sti­tutes and higher education es­tab­lish­ments con­tribut­ing to the cre­ation of a strong IT clus­ter,” says Jeremy Kelly, JLL’s di­rec­tor, global re­search.

“With 40% of In­dia’s IT in­dus­try lo­cated in the city, the pres­ence of in­ter­na­tional IT gi­ants, to­gether with the largest num­ber of high-tech start-ups of any In­dian city, are con­tribut­ing to en­tre­pre­neur­ial growth.”

Based on the re­port City Mo­men­tum In­dex 2016: The Rise of the In­no­va­tionOri­ented City, I ndia has in­creased its rep­re­sen­ta­tion in the top 20 emerg­ing world cities as Ban­ga­lore is joined by Hyderabad. Glob­ally, Beng aluru ranks f ourth af­ter Lon­don, Sil­i­con Val­ley and Dublin.

“The find­ings fol­low In­dia’s rapid eco­nomic growth and a gen­eral pos­i­tive out­look about the coun­try’s fu­ture,” says Anuj Puri, chair­man and coun­try head, JLL In­dia.

Over the next few years, we will have 5.5 mil­lion soft­ware pro­gram­mers - even more than the US. Soft­ware and IT ser­vices firms have been ma­jor driv­ers of of­fice de­mand in the past decade and are now the largest oc­cu­piers of prime space. Ben­galuru’s high rank­ing comes as no sur­prise. In­dia comes a close se­cond af­ter US’ Sil­i­con Val­ley when it comes to ges­tat­ing start-ups, and Ben­galuru is in­du­bitably In­dia’s start-up Cap­i­tal.

JLL’s City Mo­men­tum In­dex cov­ers 120 ma­jor es­tab­lished and emerg­ing busi­ness hubs across the globe. It tracks a city’s short-term so­cio-eco­nomic and real es­tate mo­men­tum, in com­bi­na­tion with mea­sures of whether a city has the longer-term foun­da­tions for suc­cess.

Among the top 20, Asia Pa­cific ac­counts for the largest share with 11 cities among the world’s most dy­namic ur­ban economies. Th­ese in­clude Es­tab­lished World City Tokyo, and Chal­lengers or cities com­pet­ing for global reach and in­flu­ence, such as Syd­ney, Seoul and Shang­hai. The top 20 also in­cludes New World Cities such as Auck­land.

A key fea­ture of this year’s top 20 cities in the in­dex is the over­whelm­ing dom­i­nance of in­no­va­tion-rich cities, says Kelly.

“JLL has long em­pha­sised that city mo­men­tum in­volves far more than just raw GDP growth – it is cru­cially about build­ing the foun­da­tions of an in­no­va­tion-ori­ented econ­omy through tech­nol­ogy, cre­at­ing cut­ting-edge new busi­nesses, at­tract­ing tal­ent and nur­tur­ing vi­brant in­clu­sive com­mu­ni­ties,” he adds.

China’s cities in the Top 20 in­clude those mov­ing into higher-value ac­tiv­i­ties and build­ing the foun­da­tions for new forms of eco­nomic ac­tiv­ity in terms of in­no­va­tion, in­fra­struc­ture and con­nec­tiv­ity. Th­ese in­clude Shang­hai, Bei­jing and Shen­zhen.

AJAY AGGARWAL/ HT

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