Beyond Delhi and Mumbai, What Investors Should Know About the Top 10 Real Estate Cities?

India is rapidly becoming an urbanized nation, with the rate of urbanization increasing by 32% from 2013 to 2023. This is pushing the real estate industry to look for new markets with the potential to grow. A recent report from CREDAI and Cushman and Wakefield has identified 17 cities in India that have the potential to become the next growth markets. These cities are based on their current real estate development rate, retail presence, and the development of the residential market.

India’s tier-II cities have become increasingly popular for retail investments due to their rising incomes and consumption levels. From big Grade-A malls to high streets, many of these cities are becoming major consumption hubs, and the report predicts that they will continue to grow shortly. The top 10 emerging cities in India right now are Bhubaneswar (Chennai NCR), Mumbai (Bengaluru), Pune (Hyderabad), Chennai (Chennai), Kolkata (Visakhapatnam), and Surat (Surat). These cities have been chosen based on their population, infrastructure, and talent pool, as well as their affordability and ease of living.

The report looked at factors such as population, economic power, and potential attraction of cities from the perspective of commercial real estate. In addition, tertiary education enrollment, population size, and ease of life were given the highest weightage compared to other factors. These factors are often the top reasons for companies to relocate their office base. The overall conclusion of the report was that infrastructure and connectivity are key factors driving commercial activity in today’s world.

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