HYDERABAD: Thanks to its booming real estate sector, Hyderabad has once again emerged as the world’s most dynamic city from the real estate perspective. According to the JLL City Momentum Index 2020 released on Saturday, Telangana’s capital has topped 130 major cities, reclaiming the honour it had won back in 2018. As per the rankings, Hyderabad stands first among top-20 dynamic cities of the world, followed by Bengaluru at second place.
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. The JLL City Momentum Index 2020 report pointed out that an active real estate market helped Hyderabad get elevated to the top spot in the overall rankings.
"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. A thriving technology sector is driving this momentum, with the city’s reputation receiving a further boost last year with the opening of a large campus by Amazon. It has joined fellow tech giants that include Apple, Google and Facebook, who have all established a presence in Hyderabad in recent years," the JLL City Momentum Index 2020 report said.
It may be mentioned here that when Telangana state came into being in 2014, Hyderabad had not even featured in the list of 20 most dynamic cities in the world in that year’s edition of JLL City Momentum Index. However, over the years, the city improved its ranking to reach the top spot.
Commercial real estate will continue to boom: KT Rama Rao
Various other reports related to real estate and office space absorption released recently, including by Knight Frank India and CBRE South Asia, highlighted the robust and booming nature of real estate in Hyderabad.
Speaking at the launch of JLL City Momentum Index 2020 report in the city, IT Minister KT Rama Rao said, "In 2014 we were not on the list. Over the years, step by step, we moved to where we belong on the top of the charts. This is not a co-incidence. A total of 130 cities were analysed based on data by credible agencies such as Oxford Economy and UN and after careful consideration, they acknowledged Hyderabad."
He said, "Investments will continue to pour in, commercial real estate will continue to boom, with the focus on business expansion which will be complemented with innovation policies like TS-iPASS. In terms of socioeconomic development goals, Hyderabad is leading from the front. We will continue to do the job we are doing, as the city grows."