Sayan Hazra - Bengaluru - Growing Fast
Bengaluru, known as India’s Silicon Valley, is the center of India's high-tech industry. The city is also known for its green parks and nightlife. Bengaluru has topped a ranking of 131 world cities based on their ability to change, innovate, and adjust to constantly evolving circumstances. This would not have been possible without Bengaluru being considered as the most important Indian city by technology companies. The ranking was published by investment management firm Jones Lang LaSalle ( JLL ) in Jan, 2019 and it tracked a wide array of metrics to assess socio-economic and commercial real estate momentum including a city’s GDP, population, corporate headquarters, foreign direct investment, rent absorption, transparency and more. Bengaluru has a huge population of 12.95 million and out of which migrants cross more than 6.5 million. This is due to both inter- and intra-state migration. This immigration is majorly triggered by the rise of the IT job market, and other businesses related to the economic and socio-cultural growth that accompanied it.
The economy of Bengaluru is an important part of the economy of India as a whole and contributes over 87% to the economy of the State of Karnataka, accounting for 98% of the Software Exports of the State. The city is home to a wide range of heavy and light industries, as well as high-tech and service industries including information technology (IT) and electronics, telecommunications, aerospace, pharmaceuticals, biotechnology, food processing, automobiles, banking and finance, mining, steel, and cement production. India's software export industry, in particular, has grown rapidly after economic liberalization in the 1990s. Companies here have a huge cost advantage - an English-speaking, highly-educated workforce that is available at less than a quarter of the wages paid in the US or Europe. The technology sector is a key driver of both real estate and economic momentum, and is propelled not only by the large dominant tech firms but also by a robust start-up culture (There are currently 1,301 registered start-ups).
“I prefer to work remotely. That gives me flexibility to work from anywhere in the world. I left my stable MNC job because it did not give me enough monetary growth within a short span, unlike start-up companies” says Pragyan (30), a software engineer who migrated to Bengaluru after graduating from an engineering college in Orissa. The ensuing influx of people from other countries, and a rise in wealth, have contributed to a metropolitan city culture. Bengaluru has emerged as a shining spot for real estate investors, with the city offering a sound return on investment and assured rental income. Shopping Malls are also mushrooming. Further, Bengaluru has an active night culture, and is home to over 800 clubs and bars; in fact, the city is referred to by many as the ‘Pub Capital of India’. “People do not need a reason to get drunk; in today's world it is perfectly crafted cocktails that everyone needs at a party. I have seen people moving from straight drinks to cocktails,” says Karthik (34), city based mixologist said when asked if he saw a change in the pattern of alcohol consumption in Bengaluru.
The city has also been successful in drawing high levels of foreign direct investment, along with structural reforms. This encourages foreign real estate investors who are interested in India's favourable growth dynamics. Lokendra (37), who resides in a Villa community, and is a passionate marathon runner and technology geek, shares his view: “A sense of community is better when you stay in Villa-Society than that of apartment. Villas are expensive though. One can even have his own small garden and individual Villa”. However, as Shirley (48) notes, “Bangalore was kind of a suburb; one could see only green lands everywhere. One could enjoy a pleasant climate. But now it is a concrete jungle consisting of housing complexes, technology parks, villas, shopping malls. The climate is also changing.''
Shirley is an architect by profession and owns a construction company. She has been witnessing the city growing since her birth. She is very passionate about biking and owns 4 bikes - two BMWs and two Harley Davidsons. In fact, Biking, Cycling, Camping, Trekking are becoming popular among the people of this city. “ My dream is to travel the world - so I travel twice a year. I spend my weekends cycling between 100-150 kms.” says Jimmy (55), a Vice President of a telecom company, who has resided in the city for the last 20 years. Co-living and co-working spaces are redefining the previously separate concepts of 'home' and ‘work-place’. The tech savvy young population is highly dependent on mobile apps for their daily activities, and are also particular about their health and fitness. They prefer to consult with gym-trainers and health coaches. Mariam (43), who has done modelling for 400 ads & TV commercials over the last 20 years, is now a health and nutrition coach; “I do workshops and talks on how to use easy health hacks to navigate and manage our busy, stressful urban lives. I do raw food and plant based cooking workshops as well as organic tours and clean eating management sessions.”
Sayan Hazra is a visual storyteller based in India who investigates rapid changes of our contemporary world focusing on sociological and environmental stories. Visit his site to see more of his projects.