Mumbai, Delhi and Bengaluru are three cities from India that have featured in the group of emerging world cities, according to JLL report.
Mumbai, Delhi and Bengaluru are three cities from India that have featured in the group of emerging world cities, according to JLL report. In its report titled ‘World Cities: Mapping the Pathways to Success’, global property consultant JLL has mapped top business destinations across the world. Over 80 cities have been grouped into four categories and ten sub categories to understand the investor and development sentiments and potential for business growth. The report evaluated cities’ strengths and opportunities for the real estate investors, developers and corporate occupiers.
“After years of no show on the global annual survey, for the first time, three cities from India have featured amongst the top world order as a part of the ‘Emerging World Cities’ group,” JLL India said in a statement. Amongst the Emerging World Cities category, Delhi and Mumbai are deemed Megahubs while Bengaluru is high Enterprisers city. JLL has defined Megahubs as large cities in emerging economies. Megahubs are junctions for internationalisation of national economies and capable centres of business and retail but fail to punch above their weight as investment destinations.
Enterprisers are home to some of the world’s most dynamic real estate markets. These emerging economies possess rapidly evolving innovation systems and increasingly are home to their own successful, home-grown multi-national corporates. “While we have seen Indian cities performing better on global platforms, our cities are still far behind when compared to the elite 7 or the contending cities, signalling a much needed shift towards higher productivity and transparency,” JLL India CEO and Country Head Ramesh Nair said. London, New York, Paris, Singapore, Tokyo, Hong Kong and Seoul are in the ‘Big Seven’ group. In order to get there, Nair said, India must concentrate on further improvements in technical and higher education to increase the number of job-ready graduates.
Moreover, he said that there is a need to overcome the issue of sub-optimal use of land in the central areas of major business districts that have the potential to become growth hubs. “The reduction of the informal economy, tackling unsustainable patterns of sprawl and retrofitting of resilient infrastructure are also important to maintain a strong growth profile that will further push our cities towards the top global order,” he added. Apart from Delhi and Mumbai, cities which are categorised as Megahubs are Bangkok, Istanbul, Jakarta, Johannesburg, Manila, Mexico City, Moscow and Sao Paulo.