There is no doubt that IT and BPO have been a key reason for the realty development in a lot of cities. Even today, a lot of investment in commercial real estate can be attributed to the sectors, which also render residential realty growth around in a region.
A recent study - conducted jointly by the National Association of Software and Services Companies (Nasscom) and global management consulting firm A T Kearney - has identified 10 cities in India that are good for the IT-BPO industry. Criterion fro ranking were: Knowledge pool and skill-set availability; infrastructure; social and living environment; enabling business environment; government support; and operating cost. Let's take a deeper look in to each of these to see the commercial and residential growth in each city.
Rank 10: Nagpur
Nagpur is well endowed with land and connectivity to the city. Next to Mumbai, it is the commercial hub for India. It has gained the attention of MNC biggies in India. With the IT biggies making promising investments in the city, here's 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 progressing well in the city. The city has not only seen development in the city areas but has also expanded in the north, east and west.
One of the most talked about projects, the Airport, is the largest economic development project underway in India. Sky rocketing prices in the commercial real estate sector is the talk of the town in the city. Within the city the prices are even higher. Even at this price the demand has been steadily moving up with absorption around 50-60%. The logistics park has attracted investment may times over the original investment.
Rank 9: Jaipur
A blend of tradition and modernization, Jaipur has already gained fame for the big talked about investment in the city in past years and is already home to Genpact, Infosys among others. There are attractive residential projects local builders mushrooming in Sirsi Road, Lajpat Marg, Jaisinghpura, Yash Path, Ajmer Road, C- scheme and many more.
The commercial development has happened in Govindpura, Kalwar road, Ajmer road etc.
Rank 8: Mohali / Chandigarh
The tricity came in to picture with MNCs like Dell establishing their centres in the city. One of the most well 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.
Rank 7: Kolkata
With commercial development in Kolkata, and areas like Chowringhee road, Park Street and Camac Street, becoming the IT and ITeS centres, the Kolkata real estate market has sustained momentum
The Govt. Support through SEZs, IT Parks have also contributed to the growth witnessed by the city today. Locations like Rajarhat , Mahetsala have everything to match your expectation. Undoubtedly, this well balanced approach will give a boost to residential property requirements and adds to the fast paced possibility of commercial development.. Park Street as always will remain the hub and the heart of the city.
Rank 6: Mumbai
There is no elaborating much on Mumbai as one of the most lucrative destinations for realty in India. However, it is also plagued by the low supply of land. This has led to a good development of most of Mumbai Suburbs - from Malad to Kandivli, both residentially and commercially.
Rank 5: Pune
Currently, Pune property 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 flowing in more investments in the city. The city saw a massive development in the past years post and he city areas is almost saturated with very little supply in the city area, furthering development in the suburbs of the city close to Pimpri etc.
Rank 4: Hyderabad
Sprawling city Hyderabad has the advantages of talent and rich realty development. Again the infrastructure of the city supports the realty development well. Jubilee hill, Banjara Hills, Ameerpeth, SR Nagar, Begumpet are some of the most popular residential destination. Recently Miyapur, Gachibowli, Hitech city have attracted developers from across the world. Commercially the city has seen a lot of development in the past few years with the hitech city attracting a lot of companies to the city.
Rank 3: Chennai
The development of the IT industry in the city is led by the profusion of good talent in the city. Nokia and Dell have therefore setup their campuses in Sriperumbudur in Chennai.
The city has seen extensive and rich realty development. Areas for residential investment include Nagar, Mylapore, Abhiramapuram, Adayar as these places have good proximity to schools, hospitals and industrial areas. Real Estate is comparatively cheaper and there is sufficient supply of land.
Rank 2: Bengaluru
Bengaluru, India's Silicon Valley, gained its reputation as one of the most preferred investment destination and still is the most known IT destination. The gardens, the climate, the Cosmo feel, the multi-cuisine and diverse culture are just some of the reasons why people love to settle in the city as well. Plagued by some concerns, the city makes for a perfect destination for the investor and the settler.
Rank 1: Gurgaon
Once upon a time Gurgaon was known for Maruti, but today has gained the reputation of DLF city. The growth of the city has been fast 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 a lot of infrastructural issues that it has overcome to become the most lucrative destinations in India.