Mumbai features in the top 20 cities of the world on the basis of gross domestic product (GDP), said a survey by real estate consultancy Jones Lang LaSalle (JLL). Mumbai ranked 17th and Delhi 22nd, among the world’s top 30 cities. Both cities have a GDP of more than $400 billion, the study said. It also makes the fifth and sixth largest cities in Asia following Tokyo, Shanghai, Seoul and Jakarta.
The sizes of Mumbai and Delhi are such that they are larger than some megalopolises like Singapore, Hong Kong, Washington and San Francisco, the survey said. However, because they have very large population, the per capita GDP is lower. Singapore’s per capita GDP, for instance, is about three to four times larger, it said.
Mumbai and Delhi also rank ahead when it comes to corporate presence. It is measured by the number of headquarters of companies in the Forbes 2000 list in these cities. Twenty four large firms in the list have their corporate headquarters in Mumbai, and 14 have offices in Delhi.
Despite the high rankings, Indian cities are still not large recipients of direct real estate investment – given the difficulties in accessing stock and market transparency, the study said.
“Mumbai sees similar investment volumes to cities such as Guangzhou and Mexico City – but just 5 per cent of those seen in Shanghai ($37 billion) and 10 per cent of those seen in Beijing ($18 billion). Over the past three years, Mumbai has attracted $1.7 bn of real estate investment, while Delhi has seen $0.6 bn,” said the JLL survey.