Another feather has been added to the cap of Hyderabad. It stands second in global rankings as one among the top 20 most dynamic cities in the world. According to a report published by World Economic Forum as part of the WEF Annual Meeting, Hyderabad has been ranked second in the yet to be released JLL City Momentum Index (CMI)-2019, in the short-term growth category.
The JLL CMI-2019 ranks 131 major established as well as emerging commercial cities across the world which are undergoing rapid expansion. As per the WEF report, “The rankings track a range of socioeconomic and commercial real-estate indicators to identify attributes for success over the short term..”.
Real estate market plays an important role in the rankings and this could be one reason why Hyderabad achieved the top spot in CMI. Recently, Hyderabad was ranked among top five cities in the world to have witnessed a sharp rise in values of residential properties/homes in 12-month period, according to Knight Frank Global Residential Cities Index-2018.
For the last year’s City Momentum Index rankings, parameters like innovation capability, start-ups, patent applications, public infrastructure and quality of environment were also considered. Hyderabad’s advances in the field of start-ups, ease of doing business, having better environment standards than other metros and presence of various scientific institutions might also have played an important role.
The ranking of Hyderabad has been gradually increasing in the CMI, which will be publishing its sixth version this year.
In JLL CMI-2015 Hyderabad could not find a spot among the top-20 cities although it was among the top 34 cities in Asia-Pacific region. In 2017, Hyderabad was ranked fifth among the top-20 and in 2018 it was ranked first. This year, the top spot has been grabbed by Bengaluru which was ranked second last year. Among the top-20 dynamic cities, apart from Hyderabad in the second place, there are five other cities from India - Bengaluru (1), Delhi (4), Pune (5), Chennai (7) and Kolkata (15).