India's Emerging Real Estate Hotspots: 17 Cities to Watch
Ayodhya, Varanasi, Puri, and 14 other cities are poised for rapid real estate development driven by spiritual tourism, infrastructure projects, and digitization.
Real EstateIndiaEmerging MarketsSpiritual TourismInfrastructure DevelopmentDigitizationReal EstateJun 18, 2024
The growth of these cities is driven by spiritual tourism, infrastructure projects, and digitization. The government's policy support and infrastructure developments have created an ideal environment for spiritual tourism to flourish, attracting organized real estate players to these destinations.
Badal Yagnik, CEO of Colliers India, notes that smaller towns are emerging as dynamic contributors to India's economy, driven by improved infrastructure, affordable real estate, skilled talent, and government initiatives. This growth is expected to propel the real estate sector to an estimated USD 1 trillion by 2030 and potentially USD 5 trillion, a 14-16 per cent share in GDP by 2050.
The real estate development in these cities is expected to be significant, with momentum building across residential, commercial, retail, hospitality, and industrial segments. Alternate asset classes such as data centers, senior living, and second homes are also poised for significant activity in these emerging real estate hotspots.
Colliers India has identified 30 potentially high growth cities from over 100 cities, where real estate development is set to strengthen in the medium to long-term. The geographical spread of these cities highlights equitable growth across the country.
Information Colliers India is a leading real estate consultancy firm that provides expert advice to clients seeking to invest in the Indian real estate market.
Frequently Asked Questions
What is driving the growth of India's real estate sector?
The growth of India's real estate sector is driven by spiritual tourism, infrastructure projects, and digitization.
Which cities are expected to witness rapid real estate development?
Ayodhya, Varanasi, Puri, Dwarka, Shirdi, Tirupati, Amritsar, and 10 other cities are expected to witness rapid real estate development.
What is the estimated value of India's real estate sector by 2030?
The estimated value of India's real estate sector by 2030 is USD 1 trillion.
What are the alternate asset classes expected to gain momentum in these emerging real estate hotspots?
Alternate asset classes such as data centers, senior living, and second homes are expected to gain momentum in these emerging real estate hotspots.
Who is the CEO of Colliers India?
Badal Yagnik is the CEO of Colliers India.
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