The Indian subcontinent has built an impressive profile for itself in the global tech scene. Considered as one of the most sought after location for tech companies in the world, the country has seen some of the biggest tech companies in the world establishing their local offices here or in some cases even moving their whole operations here. Recently, we reported how New York-based global technology and innovation giant IBM now employs more people in India than in any other country, including its home country.

Cementing India’s location preference in the global tech world is a recent report by realty consultancy firm Knight Frank. According to the study, which ranked 29 global technology hubs, Karnataka capital Bengaluru is the world’s most affordable technology hub, followed by Harayana’s Gurugram.

Knight Frank believes that the IT sector in Bengaluru has contributed significantly in transforming the city’s character, turning the pensioner’s paradise into a bustling cosmopolitan hub. This has helped in stirring up its real estate market, which has become a major global office destination.

The inclusion of Bengaluru in the Smart City list - an ambitious Indian government project to enhance liveability in urban centres, is also expected to lead to improved infrastructure; providing smart solutions to bridge service delivery gaps and enable technology use. The firm believes this will further attract real estate investors to the city.

According to the report, Bengaluru has the cheapest office rentals to offer, followed by Gurugram on the second spot. The report further elaborates that the eastern Whitefield area in the eastern Bengaluru is the most affordable technology district in the world, with a current rent rate of $9.65 (Rs 632) per sq feet.

Coming to Gurugram, which is the only other Indian tech hub to have found a place on the list, the current office space rent rate in the area is $20.40 (Rs 1,335) per sq feet, according to the report by Knight Frank. It further elaborates that here the cost to the firm, for employing and accommodating 100 people comes to be around $1.3 million (Rs 8.27 crore approximately) annually, which is the lowest in the world. This makes the millennium city a lucrative option for tech firms starting up their operations in the country. On the other hand, the survey has placed Zurich, a Swiss city known as a hub of banking and finance, is the costliest on this front.

Globally, London is the costliest in office rental values at $90.75 (Rs 5,940) per sq feet.

Commenting on India’s performance on the list, Viral Desai, a senior official at Knight Frank India, spoke to Deccan Herald and said that India’s office market had witnessed a stellar run in 2016 as compared to the recent past. Desai believes that based on the report it can now be fairly accepted that India is home to some of the most affordable Central Business Districts in the world.

This development was first reported in Deccan Herald.

[Image: YourStory]

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