Were you aware of the fact that by 2050 India would have approximately 100 cities with populations of more than 1 million? In its analysis, Colliers identified over 100 such rising cities to assess their real estate demand and growth potential over the next 5-6 years.
According to Colliers' "Equitable Growth and Emerging Real Estate Hotspots" report, key drivers such as infrastructure development, digitalisation, tourism, and office landscape changes are expected to stimulate urban expansion in these areas.
The report highlights 17 high-impact emerging real estate hotspots across India. These include:
1. Amritsar, Ayodhya, Jaipur, Kanpur, Lucknow, and Varanasi in the North;
2. Patna and Puri in the East;
3. Dwarka, Nagpur, Shirdi, and Surat in the West;
4. Coimbatore, Kochi, Tirupati, and Visakhapatnam in the South;
5. Indore in Central India.
According to the report, India's real estate market is undergoing change, with smaller towns becoming increasingly important to the economy due to infrastructure, inexpensive housing, skilled workers, and government backing.
Cities such as Amritsar, Kanpur, Jaipur, Lucknow, and Varanasi are expected to profit from improved infrastructure and increased economic activity. These areas are perfectly positioned to capitalise on improved connectivity and government initiatives, making them appealing destinations for real estate investments.
Digital penetration into smaller towns has paved the way for e-commerce, prompting the establishment of warehouses and distribution hubs in strategic places, bolstered by other infrastructural improvements. Jaipur, Kanpur, Lucknow, Nagpur, Patna, Surat, and Visakhapatnam are all viewed as suitable for real estate development.
Making way for a better Kanpur!
