BENGALURU: Bengaluru is the world’s most dynamic city, among 131 major established and emerging business hubs globally, according to the sixth City Momentum Index published by global real estate services firm, JLL. Delhi, Pune and Chennai took 4th , 5th and 7th spot respectively, and 19 of the top 20 cities are from the Asia-Pacific region.
The City Momentum Index tracks a range of socio-economic and commercial real estate indicators, and focusses on short-term momentum over a three-year horizon. A key theme observed this year was that many of the top cities on the list have a strong technology and innovation ecosystem. The presence of a strong startup culture was also a big indicator.
Ramesh Nair, CEO and Country Head, JLL India, said, “As the Silicon Valley of India, Bengaluru 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 leading retail market in India.”
Another real estate consultancy, Knight Frank, which reported residential launches in the second half of 2018, witnessed a 41% year-on-year growth over the same time last year, and stood at 11,826 units in the city. There has been a 35% increase in sales in 2018 in residential projects, compared to the corresponding half last year.
Of the total launches in the second quarter, ticket sizes between ` 2.5 million and `5 million garnered the highest share of 41%, followed by the `5 million to `7.5 million range at 28%.
Jeremy Kelly, director of Global Research at JLL, adds, “Asia continues to show strong momentum, with cities that are successfully expanding their innovation economy punching above their weight in terms of attracting capital, companies and people. These cities need to address the environmental and social impacts of rapid growth, such as social inequality, congestion and environmental degradation.”