‘City has one of the most resilient real estate markets that offer space at competitive prices’
Bangalore has emerged as the “hottest business destination in India”, pipping popular destinations like Mumbai and Delhi, says a recent study.
Bangalore has assumed the numero uno position among the top 21 business destinations in the country on the basis of infrastructure, human capital, city culture and basic quality of living, according to a study. It was carried out by the Global Initiative for Restructuring Environment and Management (GIREM), a not-for-profit organisation, and DTZ, a property services company.
With its strategic location in the southern peninsula, good connectivity, high quality of talent pool, good availability of office space, high quality education system, besides a welcoming and multifarious city culture, Bangalore has been ranked by the study as the best location for businesses.
Shyam Sundar S. Pani, president of GIREM, said: “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 that offer commercial space at much more competitive rates than Delhi, Mumbai or Gurgaon. Through projects such as the Express Rail Link to BIAL, Namma Metro project and the Biotechnology Park, the city is fast emerging as an all-round contender for business investment.” Though Bangalore secured a total score of 129.56 out of 160, leads in parameters such schools and colleges, ability to attract talent, office space availability and city culture, the city lags behind in a few other parameters. “Bangalore is marginally good in human capital and healthcare services and marginally bad in energy, housing, malls and multiplexes and getaways compared to other cities,” the study said.
According to a statement, the study was conducted using primary and secondary research methodologies, using both primary and secondary sources of information, including a first-hand account of the research parameters.
The parameters included human capital, energy, water, mobility/ transport, environment, health and safety, schools and colleges, housing, healthcare, ability to attract talent, climate, office space availability, malls and multiplexes, helping hand available, infrastructure for helping hand (how to take care of helping hand), city culture and getaways.
Each city was measured against each of the given parameters and a score was given on a scale of 0 to 10, 10 being the highest. A final score for every parameter was calculated based on the percentage of individual parameters, the statement added.