India's Emerging Real Estate Hotspots: 17 Cities to Watch Out For
India is expected to have nearly 100 cities with populations exceeding 1 million by 2050, driven by infrastructure development, digitisation, tourism, and changes in the office landscape. A new report by Colliers identifies 17 high-potential cities that w
Real EstateIndiaEmerging CitiesInfrastructure DevelopmentDigitisationTourismOffice LandscapeColliersReal Estate MumbaiJun 18, 2024
Colliers, a leading real estate consultancy, has identified and evaluated over 100 emerging cities to determine their real estate attractiveness and growth potential over the next 5-6 years in its latest report ‘Equitable Growth and Emerging Real Estate Hotspots’. A comprehensive analysis of these cities was done involving assessment of various social, economic, financial, and real estate specific demand and supply side parameters.
The report highlights 17 high-potential cities that will witness accelerated real estate growth across three or more asset classes, including office, residential, warehousing, retail, hospitality, and alternatives (data centres, senior living, second homes, etc.). These cities are spread across the northern, southern, western, eastern, and central regions of the country, showcasing equitable growth across the nation.
Infrastructure growth will remain a key catalyst for real estate development across India. Enhanced connectivity and increased manufacturing activity driven by flagship infrastructure projects under National Infrastructure Pipeline (NIP) and PM GatiShakti will lead to the dispersion and expansion of growth centres beyond Tier I cities. This will significantly boost the economies of smaller towns, triggering real estate activity across warehousing and residential segments particularly.
In addition, the rising prevalence of hybrid working has led to companies adopting the hub and spoke model, establishing satellite offices in smaller towns. Cities such as Coimbatore, Indore, and Kochi have emerged as high-potential satellite office markets, offering a win-win scenario for companies and employees alike.
Increased digitisation is also set to boost real estate activity in smaller towns, particularly in warehousing and data centres. The growth of e-commerce will facilitate the expansion of online retail platforms, leading to the development of fulfilment centres, warehouses, and distribution hubs in strategic locations.
Lastly, spiritual tourism is poised to be a critical growth driver for the development of several temple towns in India, attracting organised real estate players to these spiritual destinations in the long term, specifically across hospitality and retail segments.
Information
Colliers is a leading global real estate services and investment management company, operating in 68 countries. In India, Colliers provides a range of services, including advisory, valuation, consultancy, and project management, to clients across various sectors.
Colliers is a leading global real estate services and investment management company, operating in 68 countries. In India, Colliers provides a range of services, including advisory, valuation, consultancy, and project management, to clients across various sectors.
Frequently Asked Questions
What is driving the next wave of urban growth in India?
Key factors such as infrastructure development, digitisation, tourism, and changes in the office landscape will drive the next wave of urban growth in India.
How many cities are expected to have populations exceeding 1 million by 2050?
India is expected to have nearly 100 cities with populations exceeding 1 million by 2050, in addition to its eight mega-cities.
What are the 17 high-potential cities identified by Colliers?
The 17 high-potential cities identified by Colliers are Amritsar, Ayodhya, Kanpur, Lucknow, Jaipur, Varanasi, Coimbatore, Kochi, Tirupati, Visakhapatnam, Patna, Puri, Dwarka, Nagpur, Surat, Shirdi, and Indore.
What is the impact of hybrid working on real estate development?
Hybrid working has led to companies adopting the hub and spoke model, establishing satellite offices in smaller towns, which will boost the economies of smaller towns and trigger real estate activity across warehousing and residential segments.
What is the role of spiritual tourism in real estate development?
Spiritual tourism is poised to be a critical growth driver for the development of several temple towns in India, attracting organised real estate players to these spiritual destinations in the long term, specifically across hospitality and retail segments.
Tags:
Related News Articles
Hasan Mushrif's Ascendancy: A Lone Muslim Voice in BJP’s Maharashtra Cabinet
Hasan Mushrif, a six-time NCP MLA, has made a significant political shift by joining Devendra Fadnavis' Maharashtra government as the only Muslim Cabinet minister. This move highlights the BJP's strategic approach to diversify its political representation
Panchshil Realty's Gramercy Info Park Acquires ₹615 Crore Industrial Land in Navi Mumbai
In a landmark real estate transaction, Gramercy Info Park Private Limited, a subsidiary of Panchshil Realty, has acquired a substantial industrial land parcel in Navi Mumbai for ₹615 crore. This acquisition is set to boost the region's industrial and infr
Kerala RERA Appellate Tribunal Vacancy Crisis Resolved: State Assures High Court
The Kerala High Court has disposed of a plea concerning the filling of a judicial member vacancy in the Kerala Real Estate Appellate Tribunal (RERA) following the retirement of VK Babu Prakash.
Maharashtra's Growth Potential Highlighted: CM Eknath Shinde Outlines Thane's Development Plans
Maharashtra has the strength to become the powerhouse of the nation, says CM Eknath Shinde. Thane is a model in development, with a 48 billion dollar economy set to reach 150 billion dollars by 2030.
Trump World Center Pune: A Game-Changer in India's Commercial Real Estate
The Trump Organisation's first commercial real estate venture in India, the Trump World Center Pune, is set to transform the city's skyline with its iconic office towers and state-of-the-art facilities.
REA India Sees 31% Revenue Growth to INR 563 Crore in FY24, Driven by Strong Demand for Residential Properties
REA India, part of Australia's REA Group, leverages its platforms - Housing.com, PropTiger, and Makaan.com - to offer comprehensive real estate services.