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Tech savvy Bangalore is hottest biz destination’
1. ‘Open, Tech-savvy B’lore is Hottest Biz
Destination’
With a score of 129.56 out of 160, city pips
Chennai and Mumbai
OUR BUREAU BANGALORE
Bangalore emerged as the hottest business destination in the country, leaving behind bigger cities
such as Mumbai, Delhi and Chennai, says a recent survey by Global Initiative for Restructuring
Environment and Management (GIREM) and property services company DTZ.
The report, which surveyed 21 Indian business destinations, said reliable connectivity, a high-quality
talent pool, a wide range of office space, good schools and colleges and a culture that accepts
outsiders helped Bangalore rank first with a score of 129.56 out of 160, followed by Chennai at 127.84
and Mumbai at 123.64
“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 such as Delhi, Mumbai or Gurgaon,” said Shyam
Sundar S Pani, president, GIREM.
While cities such as Bangalore, Mumbai, Chennai and Pune expectedly occupied positions at the top
of the list, others such as Indore, Bhubaneshwar, Kochi, Coimbatore and Nagpur also made a
surprisingly strong showing, the report said.
“Rapid and unplanned urbanisation in the country over the past few decades has led to
unprecedented job demand. Job creation is a crucial answer to this challenge, which calls for the
pressing need to develop new industrial townships and business districts to ease the pressure from
the already saturated business destinations,” said Anshul Jain, chief executive, DTZ.
Bangalore’s absorption of commercial space – 105 million sq ft so far this year – has been fuelled by
demand from information technology and IT-enabled services companies. This in turn has led to
growth in the residential market, which saw absorption levels rise 22% in the first half of 2013, driven
by homes in the mid-income group. In contrast, other bigger markets such as Mumbai and the
2. National Capital Region saw launches drop nearly 10% in 2012 from the year earlier, while absorption
levels have fallen nearly 13%, according to a Knight Frank report.
“Around 28,000 units were launched during H1 2013 (in Bangalore), with 53% of the units priced
under . 50 lakh. Majority of the demand came from IT/ITes segment,” said Samantak Das, chief
economist and director, research, Knight Frank.
“We expect sales to remain on the same level as last year. The middle segments seem to be moving
well in spite of current volatility in the economy,” said Viswa Prathap Desu, vice president, sales and
marketing, Brigade Enterprises.
Source:
http://epaper.timesofindia.com/Repository/ml.asp?Ref=RVRCRy8yMDEzLzEwLzIzI0FyMDA4MDM=&Mode=HT
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