Bengaluru: IT capital of the country, Bengaluru, has a new tag now - that of being the most dynamic city of the world. The tittle was sent by a ranking list by JLL City Momentum Index, which takes into account the speed of change in a city's economy and commercial real-estate market, beating some of the top cities in the world. However, this decoration has left Bengaluru's opinions divided on whether the ranking reflects the reality or not.
According to a recent report released by a property consulting firm, real-estate sales in the city have decreased by 45 per cent in the last quarter. Many citizens, as a result, see the ranking as an attempt to inflate the sluggish property market of Bengaluru. Many have also questioned the ranking and argue that the quality of life has depreciated with Bengaluru struggling to handle its increasing population.
"Quality of life has fallen. On average, we spend more than two hours in traffic every day. They want to move finance here and wait for it to appreciate. Once the market improves, you take the money and emigrate," argues Leo Saldhana of Environment Support Group.
But for many, Bengaluru's ability to stay ahead of the curve in adapting to technology and availability of talent has worked in the city's favour.
"When it comes to temperament, even an uneducated person here is well versed with technology," says financial consultant Ahmed Ibadullah.
While the real-estate sector admits to infrastructural issues, they mention that that the government has lately been proactive, which has helped.
"The government is moving along with the industry development here. While in other places, the government places several restrictions," says Suresh Hari, the secretary of a real-estate body CREDAI.
According to a recent report released by a property consulting firm, real-estate sales in the city have decreased by 45 per cent in the last quarter. Many citizens, as a result, see the ranking as an attempt to inflate the sluggish property market of Bengaluru. Many have also questioned the ranking and argue that the quality of life has depreciated with Bengaluru struggling to handle its increasing population.
But for many, Bengaluru's ability to stay ahead of the curve in adapting to technology and availability of talent has worked in the city's favour.
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While the real-estate sector admits to infrastructural issues, they mention that that the government has lately been proactive, which has helped.
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