Chennai has been ranked as the world’s fifth most dynamic city as per the seventh edition of the City Momentum Index which was released by American real estate services company, Jones Lang LaSalle (JLL) for the year 2020.
The City Momentum Index is an annual report by JLL which ranks the most dynamic cities globally from a real estate point of view. This year, the index had covered around 130 established and emerging business hubs around the world, with Asian cities sweeping the top 20 positions.
The report focused on certain parameters in the real estate sector, namely GDP, Retail Sales, Occupier Demand, Engine Room Population (population aged between 20-40 years), Investment, Real Estate Transparency, Air Passengers, Rent and Corporate Presence. The report further stated that the South Indian cities featured in the index had a strong global momentum and an edge over the cities in North India due to favourable demographics, business climate, expanding industries and start-up culture.
As per the index, Chennai had seen an upward trajectory in economic growth, with the coastal city’s GDP witnessing 7 to 8 per cent rise in 2019. The report observed that the cities in the index had taken steps to address the deficiency in infrastructure, with Chennai increasing the capacity of its airport to cater to growing urban demands.
Chennai managed an overall score of 38 in the city momentum index which was calculated on the basis of 18 parameters which were tabled under the heads, socio-economic momentum and commercial real estate momentum.
With the real estate sector evolving into a dynamic and sought-after industry today, the report stated that the sector should play a greater role in meeting urban challenges posed to developing cities by promoting sustainable, scalable and smart development; adopting regenerative construction processes, supporting good densification, improving transparency, encouraging micro-mobility and creating thriving, inclusive, safe and affordable communities.
Other Indian cities which have been featured in the City Momentum Index include Hyderabad at rank 1, Bengaluru at 2, New Delhi at 6, Pune at 12, Kolkata at 16 and Mumbai at 20th position.
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