Top 10 Fastest Growing Cities In India 2023 - Latest Property News & Blog Articles | HomeBazaar.com (2024)

India has experienced fast-track development as a result of the economic boom. According to industry forecasts, tier II and III cities would consume 45% of all the goods and services consumed in India by 2025, while also adding 30% more affluent households. Investing in these fast-growing cities is a great earning opportunity for any buyer. Check out the article to get an insight into the Top Fastest growing cities in India in 2022.

Top Fastest Growing Cities In India

Growing disposable income and improved infrastructure are projected to boost demand and buying power in smaller cities, which will lead to faster growth as the country expands.

Businesses seeking new markets have a boatload of opportunities to grow and take advantage of one of the highest-earning populations in the world thanks to the undersupply in these locations.

Other benefits that smaller cities have over large metropolitan areas include more economical real estate and labour, which lowers expenses for a business.

Investing in these growing cities comes with its own set of challenges. Here is a list of the Top 10 Fastest Growing cities in India.

Pune

Pune has ranked 145th in the global ranking of cities with superior living conditions. Pune is currently regarded as the best place to live by Indians.

Pune has long been the centre of culture, tradition, and cuisine, with a stunning natural setting, fantastic weather, and amiable yet caustic residents.

Today, Pune has developed into a hometown for about 7 million people in addition to being a city that houses businesses in the automotive and IT industries.

Why Pune is the Fastest Growing City in India?

• Pune has excellent connectivity to Mumbai and by air to practically every major city in India, which is one of the main reasons for the city’s rapid growth.
• Pune, regarded as the “Oxford of the East,” has over 800 colleges and is home to thousands of students from all across India.
• Every educational institution provides respectable employment to more than 45% of students and career chances that deliver the best living a city can provide.
• With TSC, Infosys and more Pune city is the country’s second-largest IT hub destination.
• Pune is also the strong industrial foundation for the automotive and engineering industries
• The developing Infrastructure such as the upcoming Pune Ring Road, and Metro line construction results in increasing demand for the housing sector.

Property Prices in Pune

Pune is currently a perfect example of a sustainable and livable neighbourhood that meets international standards in prominent places like Baner, Magarpatta, Aundh, Kharadi, and Balewadi, and the city is prepared for the future.

Pune’s real estate prices rose by 2-3% during the initial quarter and are projected to rise by 4-5% later this year.

Mid-segment and affordable housing demand has increased this year with 14,505 new unit launches in the first quarter.

The average flat cost in Pune is around Rs. 5,360 per sq ft, this price varies with the change in the locality.

Also, read Property Rates in Pune for 2023

Bangalore

Bangalore is the city in India with the highest unemployment rate and is the best option for working women.

It takes pleasure in being the city that caters the most to millennials i.e 37% of the city’s residents are between the ages of 15 and 35.

With an average monthly digital spend of Rs 8600 in the city, it has India’s largest digitally sophisticated consumer economy. All these factors make Bangalore the Fastest Growing cities in India.

Why Bangalore is the Fastest Growing City in India?

• There are 1.7 times as many engineering colleges in Bangalore city as there are in Mumbai and 5 times more than there are in Delhi. Over 44% of migrants arriving in the city have technical skills.
• Over 2100 entrepreneurs have been born as a result of Bangalore’s unicorns, 1100 of whom have established businesses there.
• Bangalore is home to big brands and companies like Myntra, Amazon, Accenture, IBM and more.
• A total of 14,000 housing units were sold in the city at the start of 2022, representing an increase of more than 30% annually.
• The Karnataka government has allotted Rs. 8,400 crores to upgrade Bangalore’s infrastructure. Along with Namma Metro’s extension, the State also has plans to create Namma Clinics and construct a skywalk at Banashankari Junction that link the metro station with a bus stop and upgrade the city’s civic and healthcare infrastructure.

Property Prices in Bangalore

Bangalore has seen significant growth in the real estate market. With over 50% new launches, East Bangalore took the lead, backed by the south zone.

The famous northern belt sub-markets of Malleshwaram, Jalahalli, Yeshwanthpur, RT Nagar, Vidyaranyapura, Hegde Nagar, and Hebbal saw a 4-5 % increase in average property prices as a result of steady home demand.

The avg property rate for flats in Bangalore is around Rs 6,760 per sq ft prices vary on the locality.

Also, read Best Residential Projects In Bangalore City 2023

Surat

Surat is predicted to have the fastest growth rate in the globe, with an annual growth ratio of 9.2%.

With a population of 4.46 million, the city is the eighth-largest urban region in the nation and is situated in Gujarat state.

Why Surat is the Fastest Growing City in India?

• About 90% of the diamond cutting and refining exports worldwide originate in Surat, the greatest diamond manufacturing hub in the world.
• The city is home to several large domestic corporations, including ONGC, Ambuja Cement, Ultratech Cement, Reliance Industries, and GAIL.
• The region is also widely known for its thriving textile sector, which is mostly involved in the manufacture of yarn and related products like woven fabrics and embroidery.
• The city ranked 4th on the smart city mission with zero unemployment region in the country.
• Major growth is the result of connectivity and infrastructure development in the city’s proposed government such as Metro corridors connecting 37 cities.

Property Price in Surat

With current town planning initiatives in place, Surat is expanding, necessitating both commercial and residential estates in new regions.

After the Covid Pandemic, the city’s real estate sector has boasted up to 40-50% in the affordable segment.

The average apartment in surat cost Rs 4,334-5,500 per sq ft.

Hyderabad

Hyderabad’s rapid growth necessitates the installation of the necessary infrastructure, and the State administration is moving forward with a strategic plan to ensure that future generations do not experience any challenges.

The growth has expanded to the Telangana region as well with leading IT companies, manufacturing firms and the whole real estate market.

Why Hyderabad is the Fastest Growing City in India?

• 990 m six-lane flyover is in progress at Nagole to boast a time travel in the City with Excellent connectivity options available such as Jawaharlal Nehru Outer Ring Road, metro connectivity and the upcoming Regional ring road connecting the city with neighbouring districts.
• Hyderabad is ranked among the top 50 cities in the world for surveillance.
• Rent for rental houses, apartments, and flats is more affordable compared to other cities with comparable carpet areas. (affordable housing) (safest city)
• IT sector, Pharmaceuticals and Biotechnology industries are blooming in Hyderabad including Apple, Google, Microsoft, Capgemini, Deloitte, and many other giant blue-chip companies.

Property Prices in Hyderabad

One of the best alluring, lucrative, and sustainable methods to make investments or generate quick profits is through Hyderabad’s real estate market.

Property taxes in the city have grown by 13% in the past 12 months. The need for space in the city is at an all-time high due to the 1.5% yearly population growth.

With the rise in demand 21,000 new units were launched in the first quarter.

The average property price in Hyderabad for an apartment goes around Rs 6,500-7,600 per sq ft.

Also, Read Top 10 Posh Areas In Hyderabad 2023

Chennai

The capital of Tamil Nadu, Chennai, has India’s third-highest GDP per capita.

The city frequently referred to as “the Detroit of India,” serves as the hub of roughly 40% of India’s automobile sector.

Additionally, it is well-liked in the software, IT-enabled services, hardware manufacturing, engineering, and procurement sectors.

Why Chennai is the Fastest Growing City in India?

• Chennai is home to major IT, Manufacturing companies, the textile industry as well as Finance services such as Cognizant, TCS, ZOHO, Tech Mahindra, American Express, Citibank and more. ( evolving infrastructure)
• Chennai’s metro Rail connectivity is a major traffic ease factor in the city, with the Inner ring road, construction of a flyover at Madhya Kailash Junction and subways boasting the connectivity.
• Chennai is anticipated to develop between 2019 and 2035 at an annual rate of 8.17%, based on the Oxford Economics analysis.
• Hyderabad has witnessed 4% growth in the new real estate project launch in 2022 first quarter due to the increased demand.

Property Price In Chennai

The housing market in Chennai continued to rise in the first quarter of FY 2022–23.

Due to increased buying power and the easy availability of preferable housing stock, residential demand increased over the study period despite an increase in property taxes.

The average monthly rent in the metro city increased by 3 %.

Average Property price in Hyderabad for an apartment costs around Rs 5,500- 6,550 per sq ft.

Also, read Property Rates in Chennai for 2023- Complete Overview

Ahmedabad

The metropolitan area in Gujarat State and among the most rapidly developing in the nation is Ahmedabad.

Ahmedabad is known throughout India as the “capital of commercial capital. entrepreneurship.” Gujarat is one of the most industrialised states in the nation, with significant industries in the pharma, chemicals, refining, petrochemical products, ceramic materials, textiles, automotive industry, and food processing sectors.

The state adds 7.3% and 20%, respectively, to the GDP and total exports of the country.

This city has made it to the US magazine Forbes as the fastest-growing city in India.

Why Ahmedabad is the Fastest Growing City in India?

• Economic and Infrastructural development such as the completion of the Metro line phase 1, and increasing SG Highway width to six-lane continues to draw in companies and workforces.
• With enterprises anchored in industries including textile, chemical industries, pharmaceutical, and automotive, the city has a robust manufacturing and industrial basis.
• There are multiple colleges and universities in Ahmedabad with the best and most affordable options for higher education.
• This city ranks as the 7th cheapest place to live in the nation in the World Wide Cost of Living Assessment for 2021. The Economist’s intelligence department created the report.

Property Price In Ahmedabad

Ahmedabad has witnessed 88% healthy growth in the new launch in Quarter 2 as compared to Quarter 1.

In Ahmedabad, the majority (42%) of the new projects are centred in the INR 45–75 lakh price range.

In Ahmedabad, sales increased at the highest rate of 30% sequential growth within the leading eight cities, resurrecting demand to pre-pandemic levels.

In Q2 2022, weighted average prices in the city increased by 8% YoY, bringing fresh supply and unit cost in the region of Rs 3,500-3,800 per square foot.

Nagpur

India’s most growing and populous city Nagpur is currently the 13th rank, and According to Oxford Economics research, it will see an average growth rate of 8.41% between 2019 and 2035, ranking it as the fifth fastest-expanding metropolitan. in the entire globe.

The progress in this Orange city makes it one of the fastest-growing cities in India.

Why Nagpur is the Fastest Growing City in India?

• It is regarded as the second-greenest city in the nation.
• Well connected to most of the nation via air, road, and rail, it is equally distant from all Indian metropolises and halfway between Europe and South East Asia by air, making it a natural option as the logistical centre of India.
• Nagpur produces 47% of the state of Maharashtra’s electricity, while Butibori, close to Nagpur, is home to one of Asia’s largest industrial estates (covering an area of around 6000 hectares).
• This area boasts an abundance of natural resources, including minerals and agricultural products that may be used as raw materials in many different businesses.
• A significant portion of its economy is made up of agriculture, particularly by oranges and the processing of ayurvedic medicines.

Property Price In Nagpur

The city of Nagpur has been successful in drawing a lot of potential investors in recent years.

The majority of realtors in this area estimate that NRIs are currently the primary driver behind the Nagpur residential real estate market, with 20 to 25% of housing bookings in the city coming primarily from foreign investors.

The average property price in the Nagpur region is around Rs 4125- 5550 per square foot.

Agra

Agra, a stunning city located on the Yamuna River’s banks, is Uttar Pradesh’s most populous and desirable city.

Visitors to this city have remarked on how warm and affordable it is compared to other cities. People are drawn to Agra by its beauty and opportunities to become a member of its bright future which makes it the fastest growing cities in India.

Why Agra is the Fastest Growing City in India?

• The economy of Agra is supported by four primary pillars, which are the handicraft industry, manufacturing, agricultural sector, and tourism. Growing economy
• Additionally, it boasts leather products and iron production lines, which together make up the thriving small-scale emerging industry.
• The usual cost of living is less around Rs 18,000 as compared to other metropolitan cities.
• The civic Infrastructure and connectivity such as the Agra Lucknow expressway and Yamuna expressway are other important reasons for the growth factor of the city.

Also, Read Top 10 High Tech Cities In India

Property Price in Agra

Since Uttar Pradesh and Agra are both potential gold mines for investors and end users, real estate in Agra has immense promise.

Agra’s growing economy is assisting the city’s thriving real estate market.

The average property price in Agra is Rs 4350 increasing YoY by 6%.

Tiruppur

The Tiruppur region is Without any comprehensive government assistance has risen “organically,” enabling the tier-III metropolis to compete alongside tier-I and tier-II cities.

With a GDP growth of 8.36% on average between 2019 and 2035, Tirupur would rank as the sixth-fastest-growing metropolis in the world.

Why Tiruppur is the Fastest Growing City in India?

• 90% of all cotton knitwear exported from India comes from Tiruppur, a significant textile and knitwear industry.
• With Knitwear production, Tiruppur is also home to aluminium, copper and brass utensil production for the kitchen and hotel industry.

Property Price In Tiruppur

The Tirupur district is becoming popular with real estate developers due to the fast-paced development in the region.

In Tirupur, the demand for affordable housing is at an all-time high. The middle-class group is interested in 1,000-square-foot single-family homes under Rs. 40 lakh.

The property cost on average in this region is Rs. 3025-4500 per sqft.

Vijayawada

The second-largest city in Andhra Pradesh and a significant metropolitan area in Vijayawada. The city, one of the state’s principal commercial hubs, is well-known for its small-scale manufacturing, vehicle body building, textiles, consumer goods, and production of agricultural products like cotton and turmeric.

It’s a desirable place to reside because of the good roads, lovely cityscape, delicious food, and abundance of options. It is one of the fastest growing cities in India.

Why Vijayawada is the Fastest Growing City in India?

• The city has recently become a significant educational hub as a result of several renowned educational institutions, drawing many students from across the country to study there.
• The city has excellent connectivity options to the other states via NH 16, NH 65 and National Highway 30 with suburban railways.
• Vijayawada has long served as a centre for the export and trade of both industrial and agricultural goods. Vijayawada serves as a location for the bottling, storing, and shipping of petroleum products for businesses like IOC, BPCL, and HPCL.
• The living cost in Vijayawada goes from 9,000- 17,000 for a bachelor.

Property Price In Vijayawada

The cost of property in Vijayawada has increased as a result of the growing number of job opportunities in the region.

The average cost of an apartment in this area costs Rs 4350-5700 per sq ft.

Also, Check out the Top 10 Cities To Live In India

FAQs