Nagpur, Jaipur, Lucknow Lead Emerging Real Estate Markets in India
Colliers identifies Nagpur, Jaipur, and Lucknow as top growth hubs, with expressways fueling real estate demand and land prices set to soar by 2035.
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Nagpur has been named the top emerging city in India, followed by Jaipur and Lucknow, in a report by Colliers that assessed 30 cities on parameters such as infrastructure, demographics, and economic growth. The study highlights the transformative impact of expressways on urban development, with land prices in key micro-markets projected to increase significantly by 2035.
The report evaluated cities using five criteria: physical infrastructure, social infrastructure, demographic trends, economic progress, and real estate dynamics. Nagpur emerged as the top performer, with Jaipur and Lucknow also demonstrating strong potential for real estate and economic growth in the coming years.
Colliers highlighted the role of expressways in driving urbanization and economic activity. Projects such as the Mumbai-Nagpur Expressway (Samruddhi Mahamarg) have significantly enhanced connectivity, unlocking opportunities for residential, commercial, and industrial development. Improved infrastructure has also spurred land price appreciation in previously underdeveloped areas.
According to Swapnil Anil, Managing Director of Advisory Services at Colliers India, expressways not only improve accessibility but also support integrated township development and tourism. This combination creates a favorable environment for real estate investment, with some micro-markets expected to see returns of up to 5.2 times by 2035.
Nagpur’s position as the top emerging city is attributed to the operationalization of the Samruddhi Mahamarg Expressway, which has positioned the city as a key investment destination. Jaipur and Lucknow, supported by improved connectivity and urban infrastructure, are also poised for significant growth.
The report identifies micro-markets within these cities that are likely to experience substantial land price increases. For instance, land prices in Nagpur’s Samruddhi Circle are expected to grow from rS 3,300 per square foot in 2024 to Rs 17,213 per square foot by 2035. Similar trends are anticipated in Jaipur’s Ajmer Road and Lucknow’s Raebareli Road, where land values are projected to triple over the same period.
