The real deal: Hyderabad world’s most dynamic city | Hyderabad News
Bengaluru, that won the mantle in 2019, slipped to second position. Another five Indian cities – Delhi, Chennai, Pune, Mumbai and Kolkata – too made it to the top 20 list, as per global real estate services firm Jones Lang Lasalle’s (JLL) recent report.
Apart from scoring high on the realty chart, Hyderabad also won points for its urban infrastructure, improved micro-mobility – with the introduction of smart bikes and e-autos – and vast footprint of tech giants including Apple, Amazon, Google and Facebook.
“Hyderabad recorded the highest office net absorption in 2019 (as a proportion of available stock) of any city globally, while it is also among the world’s best-performing cities for prime office rental growth,” the report stated attributing the momentum to a thriving technology sector.
In 2019, 17% of the total absorption that took place in India came Hyderabad’s way. Delhi and Bengaluru’s share was 9% and 8% respectively.
“I am thrilled with Hyderabad’s achievement. That we are on par with cities such as Shenzhen and Shanghai in innovation economy is the most encouraging,” said KT Rama Rao,
KTR to flaunt city’s ‘dynamic’ tag at World Economic Forum
Telangana’s IT minister, adding, “This global report also puts to rest a lot of aspersions that were cast on Telangana and Hyderabad’s future when the state was created in 2014.” The minister said he would “flaunt” the report at the upcoming World Economic Forum in Davos.
The parameters for the momentum index included rate of absorption, rents and supply in a city’s real estate market. It also considered factors such as ‘engine room’ population (the count of 20 to 40-year-olds), air connectivity, presence of corporate headquarters etc, while ranking the cities.
There, however, lies a challenge. Unchecked construction that has led to “haphazard and uneven development in many of the top 20 cities”, the report stated. “Hyderabad has seen most development concentrated on the western side, resulting in severe congestion and bottlenecks,” the report stated adding how more initiatives must be taken to tackle congestion and create a balanced growth.