A report has been presented on 10 cities of India regarding the emerging sector of real estate. According to a report by CREDAI and Cushman & Wakefield, Lucknow, Kochi, Jaipur and Bhubaneswar are among the 10 emerging markets for growth in the real estate sector.
Real estate companies’ body CREDAI and real estate consultants Cushman & Wakefield on Friday released a report on India’s next 10 emerging commercial real estate future developments during the 21st NATCON in Egypt. The other six cities in this list are Coimbatore, Indore, Nagpur, Surat, Thiruvananthapuram and Visakhapatnam.
Anshul Jain, MD, Cushman & Wakefield, said that there is actually a whole story of secondary cities growing rapidly. A report has been prepared on a total of 17 cities and for this many factors have been focused. This includes infrastructure, education and growth.
He said that there are 10 out of 17 cities where investment and growth in real estate will be seen increasing rapidly in the next four-five years. Whereas Delhi NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, Kolkata and Ahmedabad remain the 8 major real estate markets.
The report estimates that these 10 Tier-II are soon going to add more power to India’s growth. CREDAI Chairman Boman R Irani said that as India continues its remarkable journey of economic growth. The report says that some more new cities are going to join the real estate market.
The report notes that many cities have witnessed rapid growth in the residential sector and are performing well on affordability parameters. One reason for this is that infrastructure is developing rapidly in Tier II of India. Besides, construction of roads etc. is also going on at a rapid pace.
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