by Pooja Bhatia,
Till now, most of the commercial asset investment, the crème-da-crème, has been happening in the fortune destinations of India, including the likes of Bengaluru, Mumbai, and the capital city of Delhi.
It may seem that the most of these cities have reached a saturation point, but, they continue to draw attention. However, the evident changes in tier 2 and tier 3 cities is the bigger news. The set of action in smaller cities and towns which can be defined as an e-commerce, IT, Financial Services or logistics effect. Many such factors have created a favourable real estate investment scenario from an economic perspective. Thus, there are more cities in India which are gaining a thriving commercial sector investment reputation across the world. These are the top 10 emerging commercial sector destinations in India.
Bhubaneswar and Cuttack
The two cities are drawing investment attention as they continue to show strong growth in the IT and education setup. It has a positive effect on the real estate development as well. Another important factor working in the Bhubaneshwar and Cuttack favour is the fact that the land available here is owned by the government (most of it) and is thus, safe and well-regulated. There are large commercial projects already launched such as the DLF Cybercity and Unitech, which is expected to have a ripple effect on the common economic scenario like more jobs, better quality of life, and so forth. On the infrastructure front too, there is a six-lane NH-5 under construction, a developing Kalinga Nagar Industrial Complex of 13,000 acres and a Pradip SEZ and a dedicated Pharma SEZ.
A lot of action has happened and continues to happen in the capital town of Tamil Nadu. There are many factors which continue to work in its favour like the growing outskirts area of the city, converting into IT hubs or SEZs and seeing the establishment of Financial Services companies. These designated areas are becoming predominant residential areas, thus opening up further opportunities for commercial realty development. Some of the areas adding residential and commercial comfort include GST Road, Perungudi, Sholinganallur, Siruseri and areas along the Outer Ring Road. In the near future, there are significant changes scheduled to happen like the Outer Ring Road II six-lane highway, an extension of Chennai Metro, Mass Rapid Transport System, and the Chennai Monorail.
Pune has earned its reputation as a thriving engineering, education, auto and IT hub and is now considered to be a place buzzing with economic activity led by prominent changed in its real estate landscape. The Mumbai-Pune connectivity established through the Highway Corridor has only added a lot of comfort for investors outside Pune. The pleasant climate adds to the residential living attraction of Pune. There are many new areas getting identification and recognition in the city. Some of the recently developed areas are Wakad, Ravet, Hinjewadi in the west city zone and, Kharadi, Whagoli and Dhanori, in the east region of the city. On the infrastructure front, major changed include the Pune Metro connecting the north and south zone of Pune, followed by the second metro corridor expected to ease the traffic from east to the west Pune. An international airport is also under wraps.
Visakhapatnam, or Vizag, is the port city and the biggest city of Andhra Pradesh. Vizag boasts of good infrastructure and is now hosting a number of IT companies in its growing real estate capacity. The division of Andhra Pradesh to two states has led to a further, focused property development with new locations identified at various points of the city. Visakhapatnam-Chennai Industrial Corridor is touted as the next big Silicon Valley setup. Vizag is one of the industrial nodes promising a better connectivity outlook and a host of job opportunities. There is more infrastructure development happening with the first phase of Visakhapatnam Metro Rail under wraps.
The city continued to enjoy a favourable reputation because of its business streak and the corresponding development. There is textile, chemical, engineering and auto industry landscape thriving in the state. And, there is the GIFT- The Gujarat International Finance Tec-City business district under development. GIFT is one of the biggest change which Gujarat is expected to see, turning Ahmedabad and Gandhinagar into a global firm, consisting of world-class infrastructure, facilities and a running landscape of integrated townships. It is likely to be the gamechanger for the Gujarati’s. BRTS and Outer Ring Road are also important infrastructure development taking place in its peripheral locations.
Indore is a recognized educational hub and touted as one of the most promising real estate landscape cities of Madhya Pradesh. It has a rich pharma and auto industry development and after witnessing a slowdown due to an oversupply situation, the city dwellers are finally coming to terms with investing in luxury properties like city apartments costing up to 65 lakhs. There is an emerging area called the Super Corridor since it has many IT industries surrounding the area. There is the Indore Bus Rapid Transit System, also known as the Ahilya Path Project which has created a property investment boost-up.
Aurangabad has seen many changes and now enjoys a reputation of an established manufacturing hub led by development of the automobile, engineering and life sciences sector. The recent investment action has been seen in the Aurangabad Industrial City (AURIC) at Shendra and Bidkin in its vicinity. Many big names like Micromax, Hyatt and Marriot have expressed interest in acquitting land in the AURIC. The Maharashtra state government is keen to develop Aurangabad as a tourist spot and the city can already be seen expanding in the entertainment and retail sector. There are new shopping malls coming in the city and there is ample space for hypermarkets, supermarkets, multiplexes, etc. Overall, the state government is interested and making efforts to create an investor-friendly image of Aurangabad. There are flyovers, rail bridges, and roads under construction.
Coimbatore is a diversified economic base consisting of textile, engineering, auto parts manufacturing and IT and ITES sector setup. The earlier trend was commercial developments in form of small setups, small offices or largely led by local business development. But, with IT and ITES sector development, the focus has now shifted to organized retail landscape developments. On the infrastructure front, there is Gandhipuram flyover, which is expected to reduce traffic congestion in the area. There is western and eastern bypass connecting the major roads and there is airport extension planned too.
Kochi is listed on the smart cities development map and has seen a lot of action with set up of many IT companies in the recent past. Together, it brings some good news for the Kochi commercial investment outlook. Other major developments are privatisation of the international airport and up-gradation of the seaport to boost the real estate development landscape of Kochi. There has been a lot of infrastructure changes in the city recently. Besides, there is a metro corridor, IT parks and Electronic Park upcoming in Kochi. The Smart City Kochi is at a distance of 12 km from Kochi and at an equated distance from the Cochin International Airport.
Patna holds a big potential for commercial investor interest in the city. It is identified as the fastest growing city in India. It has been rated by World Bank as the second-best city to launch a business in India as per a 2009 report. The latest development of starting commercial flights operations from Bihta in Bihar has led to evincing commercial interest in the industrial township. The inquiries are mostly led by IT Parks in Bihta, which is located in and around Patna. There is a four-lane road proposed to connect Patna to Bihta.
Pooja Bhatia is a property news enthusiast, who likes staying updated on business and corporate news, lifestyle at home, home interior elements, location insights and rest of the information, to make living better. She is also an avid traveller (a blogger on holidays) and an avid reader and a part of this real-time information, she converts into real estate enthusiasm.