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The latest Colliers report identifies top emerging cities in India with significant real estate growth potential, projecting up to 5.2x returns by 2035. Nagpur, Jaipur, and Lucknow lead the list, along with other cities like Patna, Kochi, Surat, and Agra. The report highlights key factors driving this growth, including infrastructure improvements, particularly the expansion of expressways. Areas like Samruddhi Circle in Nagpur, Shela in Ahmedabad, and Raebareli Road in Lucknow are noted as high-potential micro-markets. The growing connectivity and urban development make these cities promising investment opportunities for real estate growth in the coming decade.
India's road infrastructure has seen remarkable growth over the past decade, particularly in the expansion of expressways. This development has significantly improved connectivity across the country and transformed the real estate landscape. Enhanced infrastructure has been a catalyst for urban growth, especially in regions where better connectivity has unlocked the potential for economic and real estate development. Advertisement
Colliers' latest report, 'Top 30 Emerging Cities of India' identifies Nagpur, Jaipur, and Lucknow as the top three cities that have experienced significant growth potential beyond India's well-established cities. These cities are expected to play a pivotal role in shaping the Indian real estate market in the coming years. In addition, other major cities in the top 10, including Patna, Kochi, Surat, Agra, Bhopal, Vijayawada, and Chandigarh, are also poised for considerable growth. These cities have been assessed on key factors such as physical infrastructure, social infrastructure, demographic growth, economic development, and real estate dynamics, making them key players in the real estate sector.
The report further highlights 8 micro-markets across 30 cities in India that show promising land price growth, with projections of up to 5.2 times by 2035. The micro-markets identified include Nagpur (Samruddhi Circle), Ahmedabad (Shela), Agra (Shastripuram), Jaipur (Ajmer Road), Lucknow (Raebareli Road), Meerut (Ganga Nagar), Chandigarh (Kharar), and Bhopal (Indus Towne). These areas are expected to undergo significant development, offering lucrative returns for investors.
The ongoing expansion of expressways has been a key driver behind this transformation. Expressways such as the Yamuna Expressway, Mumbai-Pune Expressway, and Dwarka Expressway have not only improved commuting times but have also boosted the surrounding areas' potential as real estate hotspots. According to the report, the development of these expressways is directly linked to land price appreciation and urbanisation, creating a favourable environment for real estate investments.
Swapnil Anil, Managing Director of Advisory Services at Colliers India, explained that the expansion of expressways is more than just an improvement in commuting. It also drives urban growth, supports economic development, encourages the creation of integrated townships, enhances social infrastructure, and promotes tourism. These combined factors make emerging cities along these expressways highly attractive for real estate investment, with expected returns of up to 5.2 times over the next decade.
Colliers also analysed eight major expressways, including the Nagpur-Mumbai Expressway (Samruddhi Mahamarg), Ahmedabad-Dholera Expressway, Jaipur-Delhi Expressway, Meerut-Delhi Expressway, Delhi-Chandigarh Expressway, Delhi-Agra (Yamuna Expressway), Bhopal-Indore Expressway, and Lucknow-Agra Expressway (Purvanchal Expressway). These expressways and the cities they connect are key factors driving the development of emerging micro-markets.
In addition to the top three cities, the other emerging cities in Colliers' top 30 list include Visakhapatnam, Ludhiana, Nashik, Vadodara, Indore, Coimbatore, Thiruvananthapuram, Amritsar, Tiruchirappalli, Meerut, Bhubaneswar, Mysore, Dehradun, Aurangabad, Mangalore, Sonepat, Rajkot, Gandhi Nagar, Raipur, and Kozhikode. These cities are expected to contribute significantly to India's evolving urban landscape and offer considerable opportunities for real estate growth.
In conclusion, Colliers' report underscores the role of infrastructure expansion, particularly expressways, in reshaping India's urban landscape. The growth of these emerging cities, along with the development of their surrounding micro-markets, presents an exciting opportunity for investors and homebuyers looking for long-term value.
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