The Genesis
At the turn of the millennium, when multinationals began shifting their back-end offices to India and BPOs demanded vast office spaces to accommodate their staff, existing business districts in Indian metros could not match up to their requirements. Private builders established in metros found a way out by creating cyber cities and technology parks on low-priced land on the outskirts of metros, supplementing these workplaces with smart residential projects for their employees.
The Transformation
The success of one project led to another, and 7 years since then, the transformation of the Indian urban landscape is almost unbelievable. As the IT industry flourished, the barren patches of land in satellite towns attracted global attention, and cities like Gurgaon, Noida, Mohali, Pune, Bangalore and Hyderabad became investment hotspots.
The spillover was imminent, and Kolkata, Chennai, Ahmedabad, Visakhapatnam, Nagpur, Bhubaneswar and Thiruvananthapuram similarly leveraged on their skilled manpower to welcome the IT and biotech industry. Manufacturing, and services, which have performed remarkably well in the last few years, propelled cities like Jalandhar, Ghaziabad and Surat.
The urban landscape in India is currently undergoing a transmutation as the real estate wave engulfs low profile locations in Tier II and III cities. As incomes grow, and retail makes inroads, shopping malls and multiplexes, luxury and budget hotels, resorts and serviced apartments, residential townships and condominiums, IT Parks and Special Economic Zones are not the preserve of Tier I cities like Delhi, Mumbai, Bangalore, Hyderabad and Chennai anymore.
Inviting Global Attention
The Indian Government opened the doors of real estate to foreign direct investment as late as 2005. Waiting on the wings were a host of investors, currently 35 in number, who rushed in with funds that are expected to touch USD 10 billion by the end of 2007, from a figure of USD 4 billion in 2006.
The Tier II cities of Pune, Kolkata, Ahmedabad and Chandigarh, and the emerging Tier III cities are being viewed as lucrative investment projects by global equity players, venture capitalists and mutual funds.
Growing - Laterally and Vertically
Betting on the enormous potential of the real estate market in India, real estate developers from overseas have cut across all verticals to establish themselves in residential, commercial, hospitality, SEZs, health and infrastructure.
Indian real estate developers have not been found wanting either, adopting the latest construction technology to projects which meet global standards. Supported by round-the clock power and water supply, contemporary architecture and state-of-the art facilities in aesthetically designed environs, India's real estate has much to offer.
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