In a slow and steady manner, the residential development in Indian metros had taken off since 90’s. It began picking up momentum around mid-90’s and today it has scaled to a peak which was unimaginable till some years ago.

There has been a sharp increase in values of residential property all across the country and there are a host of reasons for it. It has been primarily triggered by increase in job opportunities, more land made available to the developers by the state governments, tax incentives to the developers and last but not least the easy finances available to the consumers in addition to the tax benefits for buying properties. Several state governments which are pushing the growth of real estate have also been found to be pro-active in making sincere efforts to improve the infrastructure of the area. The opening up of FDI in the real estate sector has also added to the overall growth of this segment of the real estate.

All major markets, metros and Class A cities, across India are undergoing a metamorphosis process wherein efforts are being made to create new townships in and around the given city which should have better infrastructure and other amenities like quality schools, hospitals, clubs, malls, etc. This demand in turn is driven by the continuous momentum of the services sector particularly in the IT & ITES sector. These offices are promoting the “walk to work” culture like in developed countries and that explains why new townships and residential colonies are coming up around freshly evolved commercial hubs. The case in point being: Gurgaon. According to an estimate, the new residential development undertaken in India in past five years now cover nearly 50 million sq. ft. and the segment is growing by over 25% on annual basis. That makes it amply clear that residential boom in India is only getting more robust with each passing year. 

On the basis of present situation and evolving trends ( shift towards Tier 2 and Tier 3 cities), classification of new Indian residential hubs is not all that difficult. The established markets are: 

Mumbai - Navi Mumbai

Pune – Mundwa, Kharadi, Wakad, Rawet, Hinjewadi & Hadapsar

Bangalore - North East Corridor

Hyderabad - Uppal, Papanguda & Shamsabad Corridor

NCR - Greater Noida & Gurgaon

Chennai - GST Road touching Pallavaram, Mount Poonamalle.

In the list of newly emerged markets we have names like Chandigarh, Ahmedabad, Jaipur, Kolkata, and Kochi while Bhubhneshwar, Nagpur, Mysore, Mangalore and Coimbatore can be clubbed in the list of emerging markets.