Emerging Real Estate Hotspots in India: Patna, Indore, Ayodhya, And More - FULL LIST
Posted Date: Aug 10, 2024 | Posted By : DCNPL
Emerging Real Estate Hotspots in India: As India gears up to become the world’s third-largest economy, its cities are set to play a crucial role in this growth. By 2050, nearly 100 Indian cities are expected to have populations of over one million, in addition to the current eight mega-cities.
This urban expansion is being driven by factors such as infrastructure development, digitization, tourism, and changing office dynamics.
To evaluate the real estate potential of these emerging cities, Colliers India has released a new report titled "Equitable Growth and Emerging Real Estate Hotspots." The report analyzed over 100 cities and identified 30 as having high growth potential. Out of these, 17 cities are expected to see rapid development across various real estate sectors.
Emerging Real Estate Hotspots in India
The 17 cities identified as real estate hotspots span across the country. They include Amritsar, Ayodhya, Jaipur, Kanpur, Lucknow, and Varanasi in the North; Patna and Puri in the East; Dwarka, Nagpur, Shirdi, and Surat in the West; and Coimbatore, Kochi, Tirupati, Visakhapatnam, and Indore in the South.
According to the Colliers India report, these cities are expected to see significant growth in property types such as offices, warehousing, tourism, residential, and senior living. This development is anticipated to be a key factor in India's economic expansion.
Badal Yagnik, CEO of Colliers India, noted, “Smaller cities are becoming important players in India's economy due to better infrastructure, affordable real estate, skilled workers, and supportive government policies. This growth is expected to boost the real estate sector to about USD 1 trillion by 2030 and potentially USD 5 trillion, representing 14-16% of the GDP by 2050. We anticipate substantial activity in residential, commercial, retail, hospitality, and industrial real estate, as well as in emerging areas like data centers, senior living, and second homes.”
