There is no doubt that IT and BPO have been a key reason for real estate development in many cities. Even today, a large amount of investment in commercial real estate can be attributed to sectors, which also generate residential real estate growth in a region.
A recent study, jointly conducted by the National Association of Software and Services Companies (Nasscom) and global management consulting firm AT Kearney, identified 10 cities in India that are good for the IT-BPO industry. The criteria for ranking were: stock of knowledge and availability of skill sets; infrastructure; social and living environment; enabling business environment; government support; and operating cost. Let’s take a deeper look at each of these to see the commercial and residential growth in each city.
Rank 10: Nagpur
Nagpur is well endowed with land and connectivity with the city. Along with Mumbai, it is the commercial center of India. It has gained the attention of the big multinationals in India. With IT bigwigs making promising investments in the city, here is a list of places to invest in the city. Marathahalli, Dhantoli, Wardha, Shankar Nagar and Amravati Road, Manish Nagar have seen extensive residential development with apartment concepts finally making good progress in the city. The city has not only seen development in the city areas, but has also expanded to the north, east, and west.
One of the most talked about projects, the Airport is the largest economic development project underway in India. Skyrocketing prices in the commercial real estate sector is the talk of the town in the city. Within the city prices are even higher. Even at this price, demand has been steadily increasing with around 50-60% absorption. The logistics park has attracted investments many times higher than the original investment.
Rank 9: Jaipur
A mix of tradition and modernization, Jaipur has already gained fame for the huge investment that has been talked about in the city in recent years and is already home to Genpact, Infosys, among others. There are attractive residential projects from local builders multiplying on Sirsi Road, Lajpat Marg, Jaisinghpura, Yash Path, Ajmer Road, C-scheme and many more.
Commercial development has occurred in Govindpura, Kalwar road, Ajmer road etc.
Rank 8: Mohali/Chandigarh
The tri-city entered the scene with multinationals such as Dell establishing their centers in the city. One of the best planned cities in the country, Chandigarh-Mohali and Panchkula have been hailed as the IT – BPO destination of the north. DLF, Emaar and many other developers have invested heavily in the state.
Place 7: Kolkata
With commercial development in Kolkata and areas like Chowringhee Road, Park Street and Camac Street becoming the hubs of IT and ITeS, the Kolkata real estate market has maintained its momentum.
The Government Support through special economic zones, IT parks have also contributed to the growth that the city is witnessing today. Locations like Rajarhat, Mahetsala have everything to meet your expectations. This well-balanced approach will undoubtedly give a boost to residential property requirements and adds to the potential for fast-paced commercial development. Park Street, as always, will remain the center and heart of the city.
Rank 6: Mumbai
There are not many details about Mumbai as one of the most lucrative destinations for real estate in India. However, it is also affected by the scarce supply of land. This has led to good development of most of Mumbai’s suburbs, from Malad to Kandivli, both residentially and commercially.
Rank 5: Pune
Currently, Pune’s real estate market is one of the most active regions in Western India. Developers are betting their money on the expected development in the city. Private property developers as well as local property builders and civic authorities are receiving more investment in the city. The city has seen massive development in recent years and the city areas are almost saturated with very little supply in the city area, encouraging development in the city suburbs near Pimpri etc.
Rank 4: Hyderabad
The sprawling city of Hyderabad has the advantages of talent and rich real estate development. Once again, the city’s infrastructure supports real estate development well. Jubilee hill, Banjara Hills, Ameerpeth, SR Nagar, Begumpet are some of the popular residential destinations. Recently, Miyapur, Gachibowli and Hi-Tech City have attracted developers from all over the world. Commercially, the city has seen great development in recent years with the hi-tech city attracting many businesses to the city.
Rank 3: Madras
The development of the IT industry in the city is led by the profusion of good talents in the city. Therefore, Nokia and Dell have established their campuses at Sriperumbudur in Chennai.
The city has seen extensive and rich real estate development. Residential investment areas include Nagar, Mylapore, Abhiramapuram, Adayar as these places are in close proximity to schools, hospitals and industrial areas. Real estate is comparatively cheaper and there is sufficient supply of land.
Rank 2: Bangalore
Bengaluru, the Silicon Valley of India, earned its reputation as one of the preferred investment destinations and remains the best known IT destination. The gardens, the weather, the Cosmo feel, the varied cuisine and the diverse culture are just some of the reasons why people also love settling in the city. Plagued with a few concerns, the city is a perfect destination for the investor and homesteader.
Rank 1: Gurgaon
Once upon a time Gurgaon was known for Maruti, but today it has earned a reputation as a DLF city. The growth of the city has been rapid and drastic. Once known as the suburb of Delhi, it is now in a phase where the city has its own suburbs like Manesar. There are many infrastructure problems that it has overcome to become the most lucrative destinations in India.
