Bangalore is the Fastest Developing City in the World and Why?

Debasmita C

| 17-01-2024



Bangalore is the Fastest Developing City in the World and Why?


Whereabouts!

Bangalore is a city as rich as its diversity, an excellent blend of cultural variety, and cutting-edge technologies. It is a city that is constantly evolving and growing. As per the Bangalore Innovation Report, amongst the 780 major cities in the world, 17 out of the 20 fastest-growing cities in this world will be Indian with Bengaluru between 2019 to 2035. With projected GDP of 8.5%, Bangalore will be the world's fastest-growing city for the next 15 years.

Bangalore: The City of Possibilities!  

Karnataka's capital, projected to be the fastest-growing city in the Asia Pacific in 2023, is ready to compete with international metros such as Shanghai, Beijing, Hong Kong, Tokyo, and Bangkok. In the segment of developing cities with a sample size of 8 cities, the Silicon Valley of India topped the charts, scoring above its peers Mumbai (2nd) and Delhi (3rd). Ho Chi Minh City (4th), Tashkent (5th), Cairo (6th), Nairobi (7th), and Lagos (8th) were the other developing city listed inside. Here we are providing the reasons why Bangalore is the fastest growing city in the world.

Bangalore is the most millennial-friendly metropolis!  

The thriving metropolis that denotes 37 percent of Bangalore's population falls within the age group of 15 to 35 years. An ever-growing IT industry, constant FDI flow, and immense growth of opportunity are possible reasons many millennials drive into multi-ethnic cosmopolitan cities. According to a report in the Deccan Herald, the Silicon Valley of India is the most millennial-friendly urban area with the highest employability rate in the country. As per the Stats, the state ranks 18th in the world list with Delhi and Mumbai at a tie position of 19. The research is based on connectivity, education, job opportunities, wage equity-based genders, and factors like housing and entertainment. In occupier demand firms, Bangalore, Manila, and Singapore should see an average rent growth of over 3% p.a. over 3-5 years. Insights: The more millennials come here from diverse parts of the country and globe; the city becomes the accelerating pace of globalization. The more globalization is happening, the more industries are changing, and market boundaries are decreasing. Growing public demand is responsible for transparency, better governance, and accountability of the city.

IT Hub  

Bangalore and China are Asia's fastest and third fastest growing cities, respectively, over 2020-2024. According to Oxford Economics, Bangalore should achieve an average annual GDP growth rate of 9.9% over 2020-2024.

The city is the favourite destination of foreign investors and MNCs. As per the data of FortuneIndia, Bangalore is the headquarters of 80% of global IT companies, and the city accounts for almost 34% of India's total IT exports. Companies like Google, Microsoft, Amazon, Wipro, and Accenture have offices set up here. Previously, there were over 15,00,000 skilled IT professionals in this city; now, this number is expected to reach 80,00,000 soon. Bangalore is currently leading the path to becoming the most significant IT cluster in the world, beating the likes of Berlin, Shenzhen, and another IT-centric city.

Adorned with skyrocketing buildings situated in a well-planned area, Whitefield, Sarjapur, and Bellandur are some IT hubs in Bangalore. The most uplifting realization is that the city carries lots of untapped potential for expanding revenue and growth for decades to come. Multinationals have a powerful influence in international relations. Each company's path of development is unique. Companies that decide to expand beyond their home country change. The story of a company from domestic to transnational involves a lot of action. The benefits of international operations are considerable. Trade moderates' inflation and improves employment and living standards while providing a better understanding of business processes at home and abroad. For many companies, survival or the ability to diversify depends on the growth, sales, and profits from abroad.

Infrastructure  

As India's third most populous city, Bangalore's city officials have invested heavily in the city's infrastructure, including road and public transportation projects. Bangalore received a significant push for infrastructure development in the BBMP budget for the fiscal year 2023-2024. Tenders are now set to be floated for upgrading 12 main roads of the city to global standards.

Recently Bangalore had a Purple Line extension of the Namma Metro from Baiyappanahalli to Whitefield. It would join the eastern edge of Bengaluru with the southwestern border.

The extension of the metro line is a game changer in the city's mobility construction, a milestone to enhance the city's transportation landscape. The robust transportation will increase real estate growth potential. The infrastructure and transportation of the city keep walking feeling much more alive with time.

Paradise of Start-ups  

Bangalore is the highest-ranked start-up ecosystem in India and ranked top in South Asia. Bangalore is the biggest hub for women-led start-ups in terms of venture capital inflow. According to the Global Start-up Ecosystem Index ranking, Bangalore is the 8th-ranked start-up ecosystem globally and India's most robust start-up ecosystem. As per the Karnataka Capital's ranking in the global start-up ecosystem, the start-up ecosystem ranked 14th in 2020 and 10th in 2021,

Bangalore's unicorn has led to the creation of more than 2100 entrepreneurs across India. 1100 of them started the ventures at Bangalore.

Insights: The thriving job opportunities are why many tenants worldwide look to settle in Bangalore. The prominent start-up ecosystem and well-established IT industries continue to attract millennials from all over the globe. Entrepreneurs want to stay at Bangalore for the supportive environment to turn their innovative ideas into successful businesses. The city bestows startups the abundant nurturing to grow and dominate the global business landscape.

The growth of Bangalore's domestic and international start-ups with the ambition drives the city's entrepreneurs and remains the source of inspiration for the entire ecosystem. The ecosystem is unique. The R&D departments, start-ups, domestic and multinational sectors, defense, product and user organizations; all co-exist in this metropolitan city. It denotes the sense that future innovation is planned, developed in this metropolis and will be developed in it.

As discussed, today, Bangalore is the cradle of the booming start-up culture. The city has gone through a gigantic shift in demographics and turns as the most cosmopolitan pocket in Indian urban landscape. A new energy and entrepreneurial spirit run through the city that evolves the taste, needs, and aspiration of a home.

Real Estate Market in Bangalore holds Great Promise!  

 The real estate sector in the city will continue to thrive and is expected to deliver substantial returns. The renowned residential properties in Bangalore have always been designed to meet the requirement of end users, offering well-developed homes in convenient locations. Developers have started building affordable housing projects as their job to produce whatever the market needs.

Today Bangalore carries a redefining sense of real estate through millennials' new age. Real estate investors pick up the properties that can bestow a sense of family, can match with the global standard to revive exposure to the outside world. The digital revolution is taking a big place for millennials to find the properties or a sense of belonging.  

This article has highlighted why the Silicon Valley of India is the fastest-developing urban area in the world. The survey has been conducted by various parameters such as job growth, millennial-friendly city, high-end infrastructure, and the flourishing real estate sector. Bangalore prides itself to be called the most developing city as it offers something to everyone that other cities in India can't offer. It is now estimated to be among the first ten fastest-growing cities in the world. We also show why millennials throughout the globe are looking for a flats for rent in Whitefield and other posh areas in Bangalore. All and all, it's been a promising touch to our journey to Bangalore. We are eager to see where it can take us! 



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