Did you know that when it comes to the fastest-growing cities in the world, there are a few cities from India that are usually on that list, especially after the 2000s? Like, take the example of Banglore, which truly is the fastest-growing city in the world right now as per many reports out there. But, does that make you wonder which other Indian cities are on this list? Well, that is what we are about to find out in this post because here we will be going over the list of the top 10 fastest-growing cities in India. Alright, now let’s get to the list right away, shall we?
1. Bangalore
First on this list had to be Bangalore City, commonly referred to as the “Silicon Valley of India,” is the city in India that is experiencing the highest growth rate and is regarded as the industrial hub of many enterprises by companies like Infosys, Wipro, and Microsoft, you know? For sure, with its tech expertise, Bangalore has a considerable amount of 7,000 IT companies and 12,000 start-ups in it. Just so you know though, interestingly, 44% of the new arrivals are tech-skilled, giving a push to innovation and entrepreneurship. With a GDP of 110 billion dollars and a growth rate of about 10% per year, Bangalore continues to be the leading city of urban growth in India.
2. Hyderabad
It is kinda true that Hyderabad has a historical past that is very rich, and a high-tech industry is growing which makes it a very important place to put up companies like Microsoft, Amazon, or Google. Because of the major pharmaceutical sector and the area that features HITEC City, which is called “Cyberabad,” it can grow rapidly in the range of 8% to 9% of GDP reaching $75 billion per annum. Here, the housing needs have risen, and in the past few weeks, 21,000 new units have been launched.
3. Pune
Next on the list, located near Mumbai, Pune has emerged as a leading education and IT hub, a fact that is further verified by its label the “Oxford of the East” and the presence of over 800 colleges in Pune that have supplied a workforce for the fast-growing job market. Here, sure, the IT sector is led by companies like Infosys and TCS, which are contributing to an economic growth rate of 7 to 8% per annum and a GDP of $69 billion. The upcoming metro lines, Ring Road, etc. are the added factors that are making Pune the place for individuals and companies looking for a work-life balance, and that’s the best bit about it all.
4. Surat
Then there is Surat, a world-renowned diamond-cutting and textile-manufacturing city that is one of India’s fastest-growing cities. We all know that its textile industry is vast and big, making a remarkable 9.2% yearly increase in the proportion of significant yarn and fabric production in India. Right here, real estate in this city soared by 40 to 50% after the COVID pandemic, 1 with apartment prices being Between Rs 4,334 and Rs 5,500 per selling sq ft, can you imagine that?
5. Chennai
Chennai had to be on this list too, which is often referred to as the “Detroit of India,” which has a very strong auto sector where multinational companies like Ford, Hyundai, etc. have main offices, and sure, there is a very healthy IT industry, too. You see, the current GDP of Chennai is $66 billion, and the growth rate is 7.5% by the contribution of the Industrial and IT sectors. And just so you know though, during this intense competition in the housing sector, quality housing is the sole factor that drives the real estate price which is thus set to be quite high, the highest of which is Rs 6,550 per sq ft and the lowest one is Rs 5,500 per sq ft.
6. Ahmedabad
Ahmedabad, the biggest city in Gujarat, serves as a place where enterprises reside with a flexible industrial base. For sure, textiles, chemicals, and pharmaceuticals are the important sectors that contribute to the vitality of the economy of the city, and GIFT City is the positioning that stands for the financial & tech hub. Here, an 8% growth rate bringing in $68 billion of GDP is a major factor for Ahmedabad which is extremely considerable for potential investors.
7. Navi Mumbai
Are you aware of the fact that Navi Mumbai was initially planned as a solution to the traffic problem in Mumbai, but it has grown into a well-organized urban settlement? Sure, it is close to Mumbai, has an excellent public transport system, and offers good medical and educational facilities, which attract a lot of people to this place. Here, apartment prices differ to a great extent, i.e. from Rs 6,712 to Rs 55,147 per square foot.
8. Indore
Then, Indore is a very neat and smart city and is growing rapidly in sectors like IT, production, and education. You know, the city is also popularly known as “Mini Mumbai” because it is geographically in the center of the place and the hustle and bustle of commercial life is dynamic. The housing market here, known for its low prices, has been strong, and average property prices range from Rs 4,125 and Rs 5,550 per sq ft.
9. Kochi
For sure, over the years, Kochi has implemented its port and made the city the world’s container hub for the shipping industry, IT, tourism, and real estate. With substantial projects like the Kochi Metro and IT parks starting, the city is also now much more congested and expanding, contributing to a GDP of $55 billion and a growth rate of 7.5%.
10. Visakhapatnam
Last on the list, you see, Visakhapatnam (Vizag), an established port metropolis, has the advantage of a solid industrial footing in the scene of shipbuilding, steel, and petrochemicals. In this city, with a $40 billion GDP and a 7% growth rate, the real estate market of Vizag is facilitating the supply-side situation for both residential and commercial spaces with prices hovering around Rs 4,350 and Rs 5,700 per sq ft.
Conclusion
There you have it. These are by far the fastest-growing cities in India, and it has been like that for quite a while now. Looking at how fast these cities are growing, it seems like the trend would be like this for another 5 or 10 years.