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.
