Outsmarting the financial capital of the country, the southern cities of Bangalore and Chennai grabbed the first and second slots respectively, as hot-spot business destinations in the country, in a recent ranking unveiled by Global Initiative for Restructuring Environment and Management (GIREM) and a not-for-profit industry body DTZ, the global leader in property services, of the top 21 business destinations in the country. Reigning at the number one position, Bangalore displays the high potential to attract talent, offers favourable weather conditions, good availability of office space suiting different income groups, efficient water management systems, a high-quality education system and a welcoming, multifarious city culture.
The report, which scored the cities across various economic, environmental and cultural parameters, ranked Bangalore as the best location for businesses to invest with its strategic location in the southern peninsula.
Shyam Sundar S Pani, president of GIREM, said, “Bangalore has one of the highest footfalls of business travellers in the country, driven by the booming IT/ITes sector. It also has one of the most resilient real estate markets which offer commercial space at much more competitive rates compared to cities like Delhi, Mumbai or Gurgaon. This, coupled with the famed entrepreneurial spirit of the city and a multi-faceted culture which is known to welcome all sorts of ventures, makes Bangalore a highly attractive destination for new businesses to set up shop. Through projects such as the Express Rail Link to BIAL, Metrorail Project and the Biotechnology park, the city is fast emerging as an all-round contender for business investment.”
The report ranked Chennai second among the top five locations considered to be the best options for businesses to invest with two major ports — Chennai port and Ennore port, contributing greatly to its economy and around 30% of India’s automobile industry and 40% of auto components industry based in the city. In addition, the city exports 50% of India’s leather exports.