The multitude of tech advancements and innovations have made inroads into the Indian Infrastructure, to reshape the real estate sector’s future. The Hyderabad city is burgeoning into a hub for multiple start-ups due to the availability of land at less prices compared to its southern counterparts like Bangalore and Chennai.
Hyderabad Ranks First in JLL City Momentum Index
As per 2020, Telangana capital topped 130 major cities, reclaiming the honor it had won back in 2018. With a robust technology and innovation ecosystem, Hyderabad city has emerged as the most dynamic city in the world, from the real estate perspective. According to the ranking, Hyderabad, Telangana is first among the world's top 20 diverse cities, followed by Bengaluru in second place.
The Annual Index incorporates socio-economic and commercial property metrics in its seventh edition to provide data on the rapidly evolving geography of the business activity that comprises 130 major business hubs worldwide. Of these, 50 cities are in Europe, the Middle East, and Africa, 38 in the Asia Pacific area, 34 in North America, and 8 in Latin America.
Hyderabad and Bengaluru are ranked at the top, Hyderabad just reversed last year's ranking from its Southern Indian neighbor. While the two cities are ranked worldwide for their socio-economic momentum, Hyderabad can be put at the top position for a more active real estate market.
Commercial Real Estate Growth
In 2019, with relation to current holdings, Hyderabad reported the highest office net absorption in any city worldwide. While is also among the best-performing city in office rentals. A booming technology industry drives this momentum, with the popularity of the city rebounding with the last year opening of a massive Amazon campus that joins technology giants such as Apple, Google, and Face book, all of whom have built a presence in recent years in Hyderabad.
While all seven Indian cities of Tier one and Tier two are in the Global Top 20 this year, the cities of South India, in particular, include Hyderabad, Bengaluru, and Chennai, with a favorable demographics and business environment, are ahead of their northern counterparts. The rising technology, industry, and start-up culture are a draw for young and ambitious talent from around the world.
Economy of Innovation
The Index shows that emerging cities, including Hyderabad, Bengaluru, Shenzhen, and Shanghai, are welcoming and adapting to the innovation economy. Such rapidly developing cities also face some of the most significant challenges linked to rapid urban growth. The real estate industry needs to play a key role by encouraging sustainable, efficient, and smart development to resolve such urban challenges.
Indian cities have been sluggish but quickly caught up with a huge urban infrastructure initiative such as new metro lines in Hyderabad, Delhi, Mumbai, and Bengaluru. Delhi and Mumbai cities with new airports and enlarged airports in Bengaluru and Chennai have gradually reached their destinations. Smart bikes and e-cars are being introduced by Hyderabad.
The majority of developments in Hyderabad have been focused on the western side, leading to congestion and bottlenecks. To ease the congestion, the Telangana State Government formulates the ' Look East Policy ' (LEAP) by encouraging growth on the east side of the city. Developer and occupier subsidies and waivers of construction permits are the foundations. The LEAP has undertaken an exploration of land management strategies like land pooling by the Hyderabad Metropolitan Development Authority (HMDA).
Enhance Climate Change Resistance
Delhi broke its record for high temperatures in 2019 to 48 degrees Celsius. Cities in India have introduced HAPs (Heat Action Plans) in response. Meanwhile, India's cooling action plan has been initiated by the national government to reduce long-term climate demand, with cool roofs as a key solution. In Hyderabad, the State government launched a Telangana Cool Roof program, which was carried out on a wide scale.
List of the Top 20 Cities
The Southern Indian cities that have the strongest momentum globally are Hyderabad, Bengaluru, Ho Chi Minh City, Nairobi, Chennai, Delhi, Hanoi, Manila, Silicon Valley, Shenzhen, Chongqing, Pune, Wuhan, Dubai, Hangzhou, Kolkata, Shanghai, Riyadh, Austin, and Mumbai.
Moreover, Hyderabad has gained an edge over Bangalore with a tag as the best city in ease of doing business in 2020. IT hubs present across the city have given a huge thrust to this status, paving it for global excellence. The Hyderabad real estate has been one of the best performings in India for the last few years in terms of the absorption and new launches. Keeping this in view, the real estate developers have constructed residential projects with good amenities in the vicinity of clean roads for a better living.
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By: Shailaja K