Ayodhya, VaranasiPatna, Puri, Dwarka, Shirdi, Tirupati and Amritsar are among the 17 emerging real estate hot spot cities that are expected to witness rapid real estate growth in the coming years, driven primarily by spiritual tourism, infrastructure projects and digitalisation. Real estate consultant Colliers India has identified 30 potential high-growth cities from over 100 cities where real estate growth is expected to be strong in the medium to long term. Out of these 30 cities, 17 high emerging cities are expected to witness rapid real estate growth across three or more asset classes.
These cities got place
The geographical spread of these 17 high-impact emerging real estate key cities highlights similar growth across the northern, southern, western, eastern and central regions of the country. The cities identified by the consultancy are Amritsar, Ayodhya, Jaipur, Kanpur, Lucknow and Varanasi in North India; Patna and Puri in East India; Dwarka, Nagpur, Shirdi and Surat in West India; Coimbatore, Kochi, Tirupati and Visakhapatnam in South India and Indore in Central India.
Due to this, the real estate sector will boom
Amritsar, Ayodhya, Dwarka, Puri, Shirdi, Tirupati and Varanasi have emerged as focus cities for growth driven by spiritual tourism, the consultancy said. Badal Yagnik, CEO, Colliers India, said small cities are emerging as dynamic contributors to India’s economy, driven by better infrastructure, affordable real estate, skilled talent and government initiatives. This growth, he said, would take the real estate sector to an estimated US$ 1 trillion by 2030 and potentially US$ 5 trillion by 2050, with a 14-16 per cent share of GDP.
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