manpreet

Indian real estate boom is moving across all the potential cities after creating thunder in the metros. A booming economy and surging service sector have ensured a surge in income and purchasing power even in smaller towns. And the need to keep costs in check is prompting many corporates to check out ‘B’ cities even as retail chains are eyeing potentially lucrative customer bases.

So which are the boom towns of tomorrow? A study of India’s emerging growth centres has come up with a list of 15 cities, all of which share the advantages of relatively low real estate cost, plenty of land available for development, an untapped pool of manpower and rising quality of life.

After assessing cities on the basis of five key parameters — real estate, people, physical infrastructure, social infrastructure and business environment — the study concluded that India’s hottest emerging city is Chandigarh. India’s first planned city got top ranking for the potential of its real estate market, physical infrastructure and business environment. While there is little space left within the city itself, Chandigarh scores because of the rapid development taking place on its outskirts, in areas like Panchkula, Mohali, Zirakpur and Dera Bassi on the Chandigarh-Ambala highway. Good connectivity, low operational costs and high disposable income also contributed to it being declared India’s hottest emerging city.

Chandigarh is followed by Nagpur, which has seen a boom in both commercial and residential construction. With efforts on to improve the city’s infrastructure, it has the potential for developing into a much sought after destination, especially since plentiful supply of educated manpower and lots of land for large campus developments are attracting many IT companies to the city. The study, conducted by real estate consultancy Knight Frank, puts Goa and Kochi at joint third place.

Source: The Times of India