Chennai has secured the fifth position globally in the seventh edition of the City Momentum Index, a report released by American real estate services company Jones Lang LaSalle (JLL) for 2020. This annual index assesses the most dynamic cities worldwide from a real estate perspective. The report covered approximately 130 established and emerging business hubs, with Asian cities dominating the top 20.
The evaluation focused on various real estate parameters, including GDP, Retail Sales, Occupier Demand, Engine Room Population (ages 20-40), Investment, Real Estate Transparency, Air Passengers, Rent, and Corporate Presence. The report highlighted that South Indian cities outperformed those in the North due to favorable demographics, a conducive business climate, expanding industries, and a thriving startup culture.
Chennai exhibited an upward trend in economic growth, with its GDP experiencing a 7 to 8 percent rise in 2019. The city addressed infrastructure deficiencies, such as expanding airport capacity to meet urban demands. Chennai achieved an overall score of 38 in the City Momentum Index, calculated based on 18 parameters categorized under socio-economic momentum and commercial real estate momentum.
As the real estate sector becomes increasingly dynamic and prominent, the report emphasized its crucial role in addressing urban challenges by promoting sustainable, scalable, and smart development. It called for the adoption of regenerative construction processes, support for good densification, improved transparency, encouragement of micro-mobility, and the creation of thriving, inclusive, safe, and affordable communities.
Other Indian cities featured in the City Momentum Index include Hyderabad (ranked 1st), Bengaluru (2nd), New Delhi (6th), Pune (12th), Kolkata (16th), and Mumbai (20th).
