Nagpur, Lucknow, Jaipur Lead India's Emerging Realty Boom
Nagpur, Jaipur, and Lucknow are emerging as frontrunners in India’s next wave of real estate growth, according to a recent analysis by Colliers, a leading real estate consultancy firm. The cities were evaluated based on parameters such as physical infrastructure, social amenities, demographic trends, economic development, and real estate dynamics.
Comprehensive Analysis of Emerging Cities
Colliers utilized a parameter-based matrix to assess 30 emerging cities in India. This evaluation highlights the growth drivers and potential of cities poised to thrive in the coming years, driven by government initiatives and private sector investments. Nagpur, Jaipur, and Lucknow have emerged as top performers, showcasing robust ecosystems and promising future prospects.
Expressways Fueling Real Estate Growth
Expressways have been a transformative force behind the growth of these emerging cities. Improved connectivity has reduced commuting time, fostered urban development, and spurred economic activity. For instance, the Samruddhi Mahamarg, a 701-km expressway, has reduced travel time between Nagpur and Mumbai from 16 hours to 8 hours.
“The expansion of expressways promotes urban growth, drives economic development, and enhances social infrastructure. These factors make emerging cities attractive investment opportunities, with land prices expected to grow by up to 5.2x over the next decade,” said Swapnil Anil, Managing Director, Advisory Services, Colliers India.
Promising Micro-Markets and Growth Potential
Key micro-markets in emerging cities identified by Colliers include:
Nagpur: Samruddhi Circle
Jaipur: Ajmer Road
Lucknow: Raebareli Road
Ahmedabad: Shela
Agra: Shastripuram
Meerut: Ganga Nagar
Chandigarh: Kharar
Bhopal: Indus Towne
These regions have shown remarkable land price appreciation, with Nagpur's Samruddhi Circle leading the pack. Over the last decade, land prices in Samruddhi Circle have surged by 3.7 times, from ₹900 to ₹3,300 per square foot. By 2035, prices are expected to increase 5.2 times, making it one of India’s most promising real estate destinations.
Infrastructure Driving Growth
The development of major expressways, such as the Yamuna Expressway, Mumbai-Pune Expressway, and Dwarka Expressway, has demonstrated the transformative power of infrastructure on real estate markets. Expressways have unlocked previously underdeveloped areas, boosting demand for residential, commercial, and industrial spaces.
Colliers analyzed eight major expressways, including:
Nagpur-Mumbai Expressway (Samruddhi Mahamarg)
Ahmedabad-Dholera Expressway
Jaipur-Delhi Expressway
Meerut-Delhi Expressway
Delhi-Chandigarh Expressway
Yamuna Expressway (Delhi-Agra)
Bhopal-Indore Expressway
Purvanchal Expressway (Lucknow-Agra)
This analysis revealed that infrastructure developments, particularly the Samruddhi Mahamarg, have positioned Nagpur at the forefront of India’s emerging cities, making it a hotspot for investors and homebuyers.
Conclusion
With significant infrastructure upgrades, enhanced connectivity, and a favorable investment climate, cities like Nagpur, Jaipur, and Lucknow are shaping India’s real estate landscape. These emerging hubs offer substantial opportunities for investors and are expected to drive economic and urban growth for years to come.