India's Next Boomtowns: 17 Cities Primed for Rapid Real Estate Development
Ayodhya, Varanasi, Puri, and 14 other cities are set to witness significant real estate growth driven by spiritual tourism, infrastructure projects, and digitization.
Real EstateIndiaSpiritual TourismInfrastructure DevelopmentDigitizationColliers IndiaReal Estate NewsJun 18, 2024
The 17 cities, spread across Northern, Southern, Western, Eastern, and Central regions, are Amritsar, Ayodhya, Jaipur, Kanpur, Lucknow, Varanasi, Patna, Puri, Dwarka, Nagpur, Shirdi, Surat, Coimbatore, Kochi, Tirupati, Visakhapatnam, and Indore.
Seven of these cities, including Ayodhya, Varanasi, Puri, Dwarka, Shirdi, Tirupati, and Amritsar, are expected to drive growth through spiritual tourism. The Indian government's policy support and infrastructure developments are expected to boost spiritual tourism, attracting organized real estate players to these temple towns.
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 set 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.
Colliers India's CEO, Badal Yagnik, noted that significant momentum is expected 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.
Information
Colliers India is a leading real estate consultant that provides comprehensive services to clients across the country. With a strong presence in India, the company has been instrumental in shaping the country's real estate landscape.
Colliers India is a leading real estate consultant that provides comprehensive services to clients across the country. With a strong presence in India, the company has been instrumental in shaping the country's real estate landscape.
Frequently Asked Questions
What are the key drivers of real estate growth in India?
The key drivers of real estate growth in India are spiritual tourism, infrastructure projects, and digitization.
How many cities are expected to witness rapid real estate development in India?
17 cities are expected to witness rapid real estate development in India.
What is the estimated value of the Indian real estate sector by 2030?
The estimated value of the Indian real estate sector by 2030 is USD 1 trillion.
What is the expected share of the real estate sector in India's GDP by 2050?
The expected share of the real estate sector in India's GDP by 2050 is 14-16 per cent.
What are the alternate asset classes expected to drive growth in India's real estate sector?
The alternate asset classes expected to drive growth in India's real estate sector are data centers, senior living, and second homes.
Related News Articles
Finding Value in Housing: Look for Localities with Rental Yields Above 3%
The real estate market is witnessing a cyclical uptick. With prices rising steadily
MHADA Launches Lottery for 2,030 Flats in Prime Mumbai Locations
MHADA offers 2,030 flats in prime Mumbai locations, with prices ranging from Rs 29 lakh to Rs 7.58 crore. Flats are available in EWS, LIG, MIG, and HIG categories.
Manila Tops Global Property Price Index, Mumbai and New Delhi Follow Closely
Mumbai and New Delhi have recorded a sharp annual increase in their real estate prices at 13% and 10.6% respectively, while Bengaluru has witnessed a modest 3.7% rise.
Suraksha Group Identifies 2552 Acres of Land for Jaypee Infratech Lenders in Delhi-NCR
The group has appointed real estate consultant CBRE to help in land identification process. The move is part of the resolution plan to settle dues of lenders.
Deutsche Bank Recognizes Ratan Tata's Legacy with Commemorative Plaque in Mumbai
Deutsche Bank installs a commemorative plaque to honor Ratan Tata's contributions. The South Mumbai building, a heritage property, was once the private residence of the Tata family. The event was attended by Ratan Tata's half-brother and current chairman
Aditya Birla Real Estate Stock Shows Resilience, Rising 3.9% After Four-Day Decline
Despite the market's ongoing volatility, Aditya Birla Real Estate has demonstrated resilience, with its stock rising 3.9% after a four-day decline. This performance is closely watched by industry analysts and investors alike.