Two Indian cities – Delhi and Mumbai – have made it to a top 30 list of the world’s most powerful, productive and connected cities.
According to a study conducted by international real estate consultancy JLL, India’s financial capital Mumbai has been ranked 22nd while the national capital Delhi is placed at the 24th spot.
The list is topped by Tokyo, which along with New York, London and Paris make the top four ‘super cities’.
These four were the destinations of over 50 per cent of all foreign capital invested in the “Global Top 30” cities. JLL said the top 30 global cities account for 64 per cent of the total cross-border investment into the ‘Global300′ – an expanded index of the cities in terms of their “commercial attraction” or economic and real estate power and status.
Mumbai is also on the top 10 list of “improvers”, which are cities whose scores in the index of “commercial attraction” have improved the most over the past year.
Other cities where commercial attraction has improved significantly include Milan (Italy), Istanbul (Turkey), Tehran (Iran), Madrid (Spain), Cairo (Egypt), Riyadh (Saudi Arabia), Lagos (Nigeria), Jakarta (Indonesia) and Jeddah (Saudi Arabia).
“With growth exceeding 7 per cent in the city over each of the last three years, it is no wonder that Mumbai made a strong presence in the top list,” JLL said, adding that reforms being undertaken by the government are boosting confidence in the national and metro area economy.
JLL further said Mumbai is enhancing its position as a hub for global corporations, with firms among the world’s 2,000 largest companies headquartered in the city rising by 50 per cent over the last 10 years.
The index of commercial attraction is JLL’s primary benchmark of the size and strength of a city’s economy and real estate market.
JLL India chairman and country head Anuj Puri said construction levels are high, with Mumbai increasing its Grade-A stock by 26 per cent over the past three years and it is expected to add an additional 22 per cent over the next three years.
“Moreover, Mumbai is enhancing its position as a hub for global corporations, with firms among the world’s 2,000 largest companies headquartered in the city rising by 50 per cent over the last 10 years,” he added.
Regarding the Global300’ cities, Mr Puri said: “The cities that make up the ‘Global300’ are the world’s most powerful, productive and connected. Their 1.3 billion citizens account for nearly 40 per cent of global economic activity, more than Europe and North America combined.”
These cities host 88 per cent of the headquarters of the world’s 2,000 largest listed companies, generate 40 per cent of the world’s finance and business employment, and more than 80 per cent of the world’s air passengers pass through their airports.
“They represent the bulk of commercial real estate market activity, amounting to nearly three quarters of global direct commercial real estate investment and over 90 per cent of the world’s prime office stock.”
“They are the overwhelming focus of international corporations, retailers, hotel brands and real estate investors,” he added.