Top ranking software cities in India
Bangalore becomes the number one city for software companies, and four Indian cities included in Asia's list
Bangalore is the best city in Asia to start or expand technology-related business operations. Property consultant Colliers International said this. The consultant company, in its research report 'Top Locations in Asia: Technology Sector', explored 16 cities in developed and emerging markets of Asia. It tried to tighten these cities on about 50 scales like socio-economic, property, and human aspects of understanding how much these cities qualify as tech hubs.
Hyderabad got 7th rank, Mumbai 10th, and Delhi NCR 11th among 16 cities. The consultant said in his report that Bangalore, Singapore, and Shenzhen are the best options to start or expand technology operations in Asia. The report noted that Bangalore, known as the Silicon Valley in India, has been chosen as the number one option in Asia for tech office openers.
The main reason Bangalore is the most preferred is its socioeconomic strength, which is expected to have the fastest growth rate in Asia. Its average annual GDP growth rate is estimated at 9.6 percent by 2022. The city also has a natural advantage of having a talent pool with wide and deep experience.
Joe Varghese, Managing Director, Colliers International India said that Bangalore has the highest number of higher education institutions in the country in terms of population, with employability of 24 percent for the IT sector. As a natural hub for tech startups, Bangalore has seen the largest number of startup investments, averaging $4 billion annually over the past three years.
Ranked 2nd in Best Office Premises
Varghese said that if we talk about Grade A office premises, then Bangalore has the highest availability in Asia after Tokyo. Along with this, Bangalore's popularity also benefits from having low employer costs and being among the 10 cheapest cities in terms of cost of living. Bangalore got 68 percent marks. It is the largest office market in the country with an availability of 141 million sq ft of Grade A office premises.
On this basis, Bangalore is the second largest urban office market in Asia after Tokyo. The report said that there are plenty of places available in Bangalore for office seekers for such tech jobs. The IT sector accounts for 60-70 percent of the consumption of office premises in India in recent years. However, this ratio is declining due to increased demand from other sectors.
The low tax rate in Hyderabad
Hyderabad has got the seventh rank with 59 marks. The growth potential in this city is similar to that of other cities in India, but it lags behind in socio-economic terms and does not match Bangalore in its talent pool. The tax rate and cost of living, however, are low in Hyderabad and, in human terms, it is better than many other cities in the country.
Bangalore is ahead on the socio-economic scale
Colliers said Bengaluru is also ahead in socio-economic terms due to the potential for higher growth rates over a longer period of time. Office premises are also well available in Bangalore. Employer costs are also low in this city with low employee costs and low rent. Along with this, due to the low cost of living, it has also got a high score on the human scale.
Comments
Post a Comment