Professional Documents
Culture Documents
India S Next 10 Emerging Markets 1697043251
India S Next 10 Emerging Markets 1697043251
EMERGING
MARKETS
ENGINES FOR FUTURE GROWTH OF COMMERCIAL
REAL ESTATE
Introduction ................................................................................................................................ 4
Kochi ............................................................................................................................................. 16
Bhubaneswar ............................................................................................................................. 20
Nagpur .......................................................................................................................................... 24
Coimbatore ................................................................................................................................. 28
Indore ............................................................................................................................................ 32
Lucknow ....................................................................................................................................... 36
Surat .............................................................................................................................................. 40
Jaipur ............................................................................................................................................ 44
Thiruvananthapuram .............................................................................................................. 48
Visakhapatnam ......................................................................................................................... 52
India is well positioned to become a USD 5.0 trillion economy by FY2026-27, growing at a rapid pace from
mildly over USD 3.0 trillion economy in FY-22, as per the IMF estimates. That’s a steep rise of nearly 2.0
trillion dollars expected in a short time span of five years. The last time when that happened, it took nearly
14 years for the Indian economy to move from USD 1.0 trillion to its current levels of ~USD 3.0 trillion.
In the last 10 years, India’s urbanisation rate grew by nearly 5% points to reach ~36% as it stands today,
having big influence on real estate markets. Delhi-NCR, Mumbai, and Bengaluru, which have been
considered megapolis cities saw markets consolidate and mature further, whereas fast emerging cities
such as Hyderabad, Pune and Ahmedabad gained significant market shares and today comprise of the
top-8 real estate markets in the country. Going forward, this urbanisation rate is slated to move swiftly
to over 40% by the end of the present decade, making strong and compelling case for newer cities to CHANDIGARH
emerge.
At C&W India, we identified 17 cities across various regions of India where we observe healthy traction
in overall real estate development basis office space enquiries, organised retail penetration, and mature AGRA
residential market development. Of these 17 cities, we shortlisted 10 cities that holds the highest
potential for growth in the foreseeable future. Therefore, in this paper, India’s Next-10 most emerging LUCKNOW
cities is identified basis a thorough analysis of indicators that reflects growth pertaining to population,
infrastructure, education, income, ease of living, and housing affordability. These factors are fundamental
to most corporate occupiers of office spaces or national/international retail brands to expand their
footprint into a new city.
JAIPUR
A detailed analysis of the shortlisting framework along with a granular understanding of the Next-10 INDORE
emerging real estate markets w.r.t. infrastructure, key policies (pertaining to IT/ITES and Start-up) and
VADODARA
its commercial real estate market snapshot is presented in this paper. We hope that corporate occupiers
who are looking at alternative locations for expansion beyond the top-8 real estate markets would find
this compendium of information useful in their pursuit to offer employees a conducive and balanced
work atmosphere. The purpose of this publication is to help readers familiarise with the city, its key SURAT NAGPUR
infrastructure nodes, and its market maturity w.r.t. core real estate developments.
BHUBANESWAR
NASHIK
WARANGAL VISHAKHAPATNAM
COIMBATORE
TIRUCHIRAPPALLI
KOCHI
MADURAI
THIRUVANANTHAPURAM
2050 (F)
50
2022
35.9
2020
35
2015
33
2010
30.9
AHMEDABAD HYDERABAD PUNE BENGALURU NCR MUMBAI KOLKATA CHENNAI
2005
29
19.6% 13.4% 7.7% 7.5% 7.3%
7.3% 5.8% 3.7% 3.6%
2000
27.7
Growth in relatively under- Mature markets grow at slower speed. Within these,
developed cities took higher growths observes in emerging corridors of Thane,
1995 precedence in last 10 years Navi Mumbai, Gurgaon and Noida
27
1990 The World Bank estimates for the medium-to-long run suggests that this increased pace of urbanisation
25.5
rate in India would continue until 2050. This should result in more tier-II cities witnessing a higher rate of
development in the commercial real estate space.
1985
24 India’s Tier II cities have garnered a lot of attention in recent years due to their immense economic potential
amid the ongoing evolution of the real estate sector. Many of these cities are state capitals and the seat of
1980 political and administrative power. Connectivity of these cities has been improving steadily in recent years
23.1 and expansion of the metro railways has been a significant development as far as transport infrastructure
is concerned.
1975
21 These cities are repositories of large talent pools that drive India’s booming IT sector. During Covid-19
pandemic, a significant proportion of the talent pool that was based in the larger metro cities migrated
1970 back to their hometowns, often closer to some of the larger tier II cities. Therefore, these cities appear
19.8 attractive not only in terms of talent availability, but talent retention as well. This is a welcome news for
office markets in these cities, where availability of Grade A stock from reputed local and national developers
1965 is gradually on the rise.
19
Rising incomes and consumption levels have made these cities a magnet for retail investments. As large
1960 Grade-A malls and prominent highstreets are getting developed, India’s tier-II cities are evolving into major
17.9 consumption hubs, a trend that is likely to gain momentum in the coming years.
The residential sector has witnessed significant growth in many of these cities and they perform well on
affordability parameter. There has been a slew of launches across key micromarkets of these cities by
Source: World Bank Data (F) - Forecasted reputed local developers, and in certain cases, even branded national developers.
8 5
Being at the forefront of office market development across major cities in India, at Cushman & Wakefield
4.5
we identified close to 17 cities in the tier-II segment that were beginning to feature extensively in enquiries 7
made by corporate occupiers of commercial office space. These 17 cities (all of them listed in the India map 4.3 4
above) broadly represent all the regions of India (i.e., North, South, East and West) and are currently at 6
different stages of real estate market maturity. Clearly, there is immense scope for some of these cities to 3.6
3.5
witness a faster rise and become new frontier markets for the real estate industry. 3.4
3.3
5 3
3
2.5
4 2.5
EVALUATION METHODOLOGY 2.2
2
2.1
2
3 1.5
We use nine broad parameters to evaluate the economic prowess and potential attractiveness of the cities
1.4
from a commercial real estate perspective. 2 1.1 1 1.3 1
0.9 0.9
Parameters such as tertiary education enrolment, population size, and ease of living have been assigned 0.8 0.5
-0.1
highest weights compared to others as these are largely the foremost reasons for corporates to move 1
their office base to a new location. Population size determines the near-term development potential of the 0
0.9
0.9
0.8
2.4
2.4
2.9
2.6
2.9
7.5
3.5
3.8
2.2
3.2
2.2
2.2
2.3
2.7
1.6
1.6
6.1
1.8
1.8
1.2
1.2
1.2
3.1
2.1
2.1
market and has a strong bearing on the immediate needs for infrastructure development and other public
2
3
1
0 -0.5
amenities.
In aggregate, infrastructure and connectivity parameters have been given respectable focus and attention
as these are important drivers of commercial activity today. Multinationals as well as Global Capability
Centers (GCCs) often would look for easier access to their base centers through convenient modes of
travel. Besides, for migrating employees, the new-age transportation modes (such as metro rail) within the
city are an important consideration. The Metro Development Index uses data that combines operational Population Size 2011 (million) Population Size 2021 (millions) Population CAGR 2011-2021 (%)
metro routes (in KMs) as well as under-construction and proposed metro routes.
Source: India Census 2011, Statistics Times, C&W Research
Other indicators include the population growth (for the latest census decadal period), house prices (to
measure affordability across quality Grade-A projects) and GDP per-capita (to measure consumption
potential or discretionary spending), all of which potentially offering a 360-degree view of the real estate
EASE OF LIVING
market development potential across the selected tier-II cities.
Surat 61.73
Bhubaneswar 59.85
PARAMETERS & WEIGHTAGES FOR EVALUATING MOST PROMISING COMMERCIAL REAL ESTATE MARKETS
Coimbatore 59.72
Indore 58.58
Jaipur 55.8
Ease of living score 15%
Madurai 55.78
Nagpur 55.33
International Air Passengers’ Index 5%
Tiruchirappalli 55.24
Lucknow 55.15
Domestic Air Passengers’ Index 10%
Chandigarh 54.4
Thiruvananthapuram 53.93
Kochi 51.41
House Price Index (HPI) 10%
Nashik 51.29
0 10 20 30 40 50 60 70
GDP Per-Capita Index 5% Ease of Living Score
A five-year average of international as well as domestic passenger volume is taken for very city and index City-specific five-year annual average tertiary enrolment figures are used to arrive at tertiary enrolment
scores calculated basis the passenger volume handled. All 17 cities are evaluated based on the derived index scores for all cities, and these are used to measure locally available skilled manpower in the city.
index scores. Few cities such as Vadodara, Warangal and Nashik do not have international connectivity
and, consequently, no index scores are calculated for these cities.
Coimbatore 37,506
Bhubaneswar 30,760
Air Passenger Traffic
Indore 28,623
Nagpur 19,384
4,258,152
4,212,606
5,000,000
Lucknow 19,379
3,350,636
2,456,568
2,400,896
Number of PAX
Nashik 13,788
2,265,056
2,313,261
2,258,912
3,000,000
Kochi 12,335
1,756,283
Tiruchirapalli
1,253,611
11,918
1,092,251
1,009,843
2,000,000
957,619
Warangal 11,518
608,263
503,408
290,574
262,049
202,839
1,000,000
123,600
100,349
Vadodara 9,675
110,131
37,940
15,874
57,154
13,297
Thiruvananthapuram 8,912
0
0
Surat 8,429
Madurai 6,490
Agra 5,359
Domestic Avg 5 years International Avg 5 years
Chandigarh 2,916
Source: India DGCA website 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000
For calculating this index, we have used the existing rail routes (in KMs) and also the ones that are either
under-construction or proposed. We assigned a higher weight to operational routes, with weights getting GDP PER CAPITA
reduced as we move along from presently under-construction routes to the proposed routes.
(in INR/annum)
49
44 1,000,000
42 39 40
38 900,000
35 32 800,000
30
27 700,000
28 25 24
22 600,000
21
16 500,000
14
14 11 11 12
400,000
7
3 4 300,000
2
690,834
729,048
548,299
544,522
486,474
880,825
770,476
641,099
444,107
661,029
591,486
718,093
897,739
951,764
0 0 0 0 0 0 0 0 0 0 0 0
779,261
853,812
651,751
0 200,000
100,000
-
Source: Metro Rail Corporation sites, few media articles Source: Metroverse Harvard database
Chandigarh 14,000
Lucknow 13,500
Indore 12,000
Kochi 12,000
Nagpur 11,000
Thiruvananthapuram 11,000
Surat 10,500
Coimbatore 10,500
Visakapatnam 10,500
Vadodara 9,500
Tiruchirappalli 9,000
Nashik 9,000
Bhubaneswar 9,000
Agra 8,000
Warangal 7,750
Madurai 7,500
PROFILE
SNAPSHOT
14 Cushman & Wakefield India’s Next 10 Emerging Markets 15
KEY PROVISIONS DETAILS
KOCHI
POLICY ENVIRONMENT
Cochin International
Airport
Off CBD Rentals Lulu International
Aluva (EDAPALLY): Mall
INR 60 - 65
KAKKANAD
Capital Value:
Vytilla Junction - INR 5,000 - 7,000
Edapally Rent
66 INR 130 - 170/sf/month
Ernakulam Town 41
North Railway Station Oberon Mall
63 966A
MARINE DRIVE SBD Rentals
Infopark II (KAKKANAD):
Capital Value:
Ernakulam South INR 10,500 - 13,000 INR 38 - 45
Railway Station
SN jn.
85 PANAMPALLY NAGAR
Cochin Capital Value:
Port MG Road HS Rent
966B INR 200 - 250/sf/month INR 7,500 - 9,500
National Highways
Office rentals (INR/sf/month)
State Highways
Housing capital values (INR/sf)
Kochi Boundary
High streets
Note - The city boundary denotes the boundary of the Kochi Municipal Corporation Note - Grade A malls in Kochi quote rentals in the range of INR 170 - 250/sf/month on BUA
Non fiscal incentive • Exemption of IT units from electricity duty, electrical inspection
(Power Supply) fee for 5 years.
KEY INDUSTRIES
• Reimbursement of electricity tariff at the rate of 30 % for 3 years
Information technology, aluminium manufacturing, iron and steel, paper capped at INR 35 lakhs per unit.
products.
Incentives for new- • 100% exemption of stamp duty for first transaction and 50%
age tech (AI/ML, exemption for second transactions.
Cybersecurity, AR/
• Reimbursement of 25% of lease rental charges, limited to INR 3
VR, Big Data, Cloud
computing, IoT) lakhs per year for 3 years.
• Reimbursement of 25% of fixed capital investment, limited to
INR 10 crore.
• Reimbursement of internet charges upto INR 20 lakhs per year
for 5 years.
Rental subsidy • IT units with over 40 employees to get rental subsidy at the rate
INR 20/sf/month or 75% of actual rent paid, whichever is lesser.
• 50 sf carpet area per employee to be considered for rental Product development/ • Financial assistance of upto INR 15 lakhs to a recognized startup
reimbursement, total incentive capped at INR 12 lakhs per annum. marketing assistance to introduce product in the market.
O Office hubs
Patia Road HS Rent :
INR 150 - 200
R Residential hubs
SBD Rentals (PATIA)
INR 50 - 70
Retail malls
316A
16
PAHALA
Office rentals (INR/sf/month) Capital Value:
INR 5,000 - 7,500
Housing capital values (INR/sf) JANPATH ROAD
Capital Value:
INR 15,000 - 20,000
High streets Symphony
Saheed Mall
16 Nagar
Pan-India Flex space operators
PBD Rentals
Awfis (RASULGARH):
INR 35 - 50
Bhubaneshwar
Railway Station Regus
CBD Rentals Nexus Esplanade
(JANPATH ROAD): One Mall
INR 60 - 80
Khandagiri
316
DN Regalia CUTTACK-PURI ROAD
Railway Station
Mall Khandagiri
Biju Patnaik Capital Value:
International Airport Airport INR 5,500 – 8,000
Chennai Kolkata Highway
Operational Metro Corridor
PATRAPADA Cuttack Road HS Rent:
16 INR 150 - 200
Capital Value: Janpath Road Utkal Kanika
Proposed Metro Corridor HS Rent : Mall
INR 8,000 - 12,000
INR 250 - 300
National Highways
*Note : 30 km metro corridor proposed, Detailed Project Report (DPR) has been submitted
by Delhi Metro Rail Corporation (DMRC)
Note (i) - The city boundary denotes the boundary of the Bhubaneswar Municipal Corporation Note: Grade A malls in Bhubaneswar quote rentals in the range of INR 100 - 220/sf/month
Note (ii) - 30 km metro corridor has been proposed. Detailed Project Report (DPR) has been submitted by Delhi Metro Rail Corporation
(DMRC)
Additional FSI for IT • Maximum permissible FSI of 3 in Greater Mumbai and rest of
Parks Maharashtra (12 m minimum road width).
KEY INDUSTRIES • Maximum permissible FSI of 4 in Greater Mumbai and 3.5 in rest
of Maharashtra (18 m minimum road width).
Information technology, fruit processing, synthetic fibre manufacturing, metal • Maximum permissible FSI of 5 in Greater Mumbai and 4 in rest of
casting, logistics. Maharashtra (27 m minimum road width).
Incentives for Data • 100% stramp duty exemption for purchasing land to set up new
Centres data centre.
• Permanent exemption from electricity duty for new and existing
data centres.
• Infrastructure status granted to data centres.
POLICY ENVIRONMENT
Fiscal Incentives • 100% exemption of stamp duty and registration fees for first
3 years and 50% for next 3 years on office space rented by
Maharashtra IT-ITES Policy 2023
recognized startups.
• 80% of quality testing costs incurred by startups to be borne by
government.
KEY PROVISIONS DETAILS • 80% rebate in patent filing costs upto INR 2 lakhs for Indian
patents and INR 10 lakhs for international patents.
Setting up IT/ • IT/ITES units and data centres can be set up in any zone, including
ITES units residential, no-development and green zones.
Single Window • Leapfrog Maharashtra - Single window portal for all clearances
Portal and approvals in a timebound manner.
Stamp Duty • 100% exemption for new units in public/private IT parks and
Exemption for expansion of existing ones in areas other than Mumbai and Pune.
IT Parks Startup Park • Startup Park to be established to bring industry stakeholders
• 75% exemption for new units in public IT parks and expansion of
together.
existing units in Mumbai and Pune.
• Commercial space in IT parks to be opened up for startups,
• 50% exemption for new units in private IT parks in Mumbai and
incubators to set up facilities.
Pune.
Single • Mahiti Portal - a single window platform to facilitate application Funding Mechanism • A fund-of-funds to be established with an initial corpus of INR
Integrated IT and registration of IT Parks and data centres, applications for 100 crore and a total corpus of INR 500 crore over a period of
Portal incentives, applications on LOI etc. 5 years.
• Infrastructure Fund to be created to help incubators, accelerators
etc to cover capital and operational expenditures.
Additional FSI for IT • Maximum permissible FSI of 3 in Greater Mumbai and rest of
Parks Maharashtra (12 m minimum road width).
• Maximum permissible FSI of 4 in Greater Mumbai and 3.5 in rest
POPULATION AND URBANIZATION
of Maharashtra (18 m minimum road width).
• Maximum permissible FSI of 5 in Greater Mumbai and 4 in rest of Nagpur District has a much high urbanization rate of around 68% compared to around 45% in Maharashtra
Maharashtra (27 m minimum road width). and 35% pan India. Nagpur City, which accounts for over 50% of Nagpur District by population, is completely
urbanized.
47
44 Kanhan
248
Automotive KAMPTEE ROAD
260
Square Capital Value:
FRIENDS COLONY Sadar HS Rent INR 4,000 - 5,000
Capital Value: INR 150 - 200/sf/month
INR 4,000 - 6,000
53
Sitabuldi Kingsway road
Interchange
Prajapati 53 West High Court Road HS Rent
Nagpur Junction Office Rentals
Nagar INR 200 - 250/sf/month
255 Railway Station Transport (MOHAN NAGAR):
44 Nagar INR 70 - 90
O Office hubs
Hingna Office Rentals
(PARSODI, GAYATRI KHARE TOWN R Residential hubs
NAGAR): Capital Value:
INR 60 - 80 INR 8,000 - 10,000
Khapri
Retail malls
44
Nagpur Boundary
MIDC -
ESR
Note - The city boundary denotes the boundary of Nagpur Municipal Corporation Note - Grade A malls in Nagpur quote rentals in the range of INR 70 - 130/sf/month
POLICY ENVIRONMENT
STARTUP INCENTIVES DETAILS
Tamil Nadu ICT Policy 2018
Funding • Tamil Nadu Startup Fund of Funds of INR 250 crore to be set up.
• Tamil Nadu government will invest INR 75 crore in the fund.
KEY PROVISIONS DETAILS
• Tamil Nadu Startup Seed Grant Fund (TNSSGF) of INR 50 Crore
with an allotment of INR 5 Crore in the first year to be created in
partnership with Financial Institutions.
Electricity tax • Capital subsidy and electricity tax exemption on power purchased
and stamp duty from TANGEDCO based on employment and investment in fixed
exemptions assets.
• Startups and MSMEs in tier II cities to be provided 10% subsidy Single Window • Single window portal to be set up to facilitate registration,
on lease rentals upto maximum of INR 2 lakhs per annum for a Portal compliance, and certification of startups.
period of 3 years, subsidy given on office space ranging from • Tamil Nadu Startup and Innovation Mission (TANSIM) will register
1000 to 5000 sf. a Startup within 10 days of online application.
• 50% reimbursement of stamp duty and registration fee will be
given on transaction of land/building for IT/ITES in tier II cities
for first transaction. Government • State government procurement policy to encourage participation
Procurement of startups in tenders of smaller value.
Assistance • TANSIM to facilitate procurement of product/services of startups
on pilot basis.
Non - fiscal incentive • Dedicated feeders of more than 10 MVA to IT units if they pay for
(power supply) entire cost.
FSI - related • Relaxation of FSI to a maximum extent of 100% permitted in all POPULATION AND URBANIZATION
incentive IT/ITES Parks in the state.
Coimbatore District has an urban population share of around 76% which is significantly higher than 48%
urban population share in Tamil Nadu and 35% for the whole of India.
Ganeshapuram
SBD Rentals
(SARAVANAMPATTI):
SARAVANAMPATTI INR 40 - 50
Capital Value:
INR 5,000 - 7,000
Mettupalayam Road
Highstreet Rent Prozone mall
181
INR 800 - 100/sf/month
544
167
Capital Value:
Coimbatore Karanampettai INR 6,000 - 8,000
Coimbatore International
North Station CBD Rentals
Airport (AVINASHI ROAD):
Cross Cut Road Highstreet INR 50 - 60
Rent
INR 130 - 160/sf/month
Singanallur Brookefields
181 Mall SINGANALLUR
Capital Value:
Coimbatore INR 7,000 - 9,000
Junction RS Puram Highstreet Rent
INR 100 - 200/sf/month
RACECOURSE
162 Capital Value:
INR 12,000 - 15,000
O Office hubs
National Highways
High streets SBD Rentals (POLLACHI
MAIN ROAD):
State Highways INR 40 - 50
544
Pan-India Flex space operators
Coimbatore Boundary
Note - The city boundary denotes the boundary of Coimbatore City Municipal Corporation Note - Grade A malls in Coimbatore quote rentals in the range of INR 100 - 180/sf/month
FAR relaxation • IT units can avail a Floor Area Ration (FAR) of up to 2.5 or the
maximum permissible FAR as per the Development Plan.
KEY INDUSTRIES
Special package for • Investment Promotion Subsidy will be provided to BPO/BPM units
BPO units based on population of town in which unit is being established. POPULATION AND URBANIZATION
• Subsidy is limited to 75% of actual capital investment.
• Separate incentives to be provided for BPO operations. Indore District has an urban population share of around 74% which is the highest in the state of Madhya
Pradesh, which has an urban population share of less than 30%. Indore’s urban population share is also
significantly higher than 35% for the whole of India.
O Office hubs
R Residential hubs
27
Retail malls
NEW PALASIA
Office rentals (INR/sf/month) Capital Value:
Bhawarsala INR 9,000 - 12,000
Square Station
Housing capital values (INR/sf)
Office Rentals (VIIJAY NAGAR):
INR 40 - 60
High streets
NIPANIA
Capital Value:
Pan-India Flex space operators INR 4,500 - 7,000
Radisson
Square Station Phoenix Citadel Mall
C21 Mall
Super Corridor Office Rentals (AB ROAD):
Indore Railway 52
Depot INR 50 - 65
station
Office Rentals
(INDRAPURI COLONY):
INR 45 - 55
Railway Station
National Highways
52
State Highways
Indore Boundary
Note - The city boundary denotes the boundary of Indore Municipal Corporation Note - Grade A malls in Indore quote rentals in the range of INR 100 - 200/sf/month
Essential Services • Certain IT/ITeS units can be classified as ‘essential services’ as and
status when required.
KEY PROVISIONS DETAILS • Scheme to cover upto 25 starts per incubator per year.
Capex support for • One-time support of 25% of the eligible capital expenditure incurred
Marketing • Seed capital in the form of Marketing Assistance upto INR 7.5
IT Park and IT City for development of IT Park, upto a maximum of INR 20 crores. Assistance lakhs per startup covering upto 25 startups per incubator per
• For IT City, one-time support of 25% of the eligible capital year.
expenditure, upto a maximum of INR 100 crores.
• Assistance provide to launch the product in the market.
Stamp duty • 100% exemption on stamp duty on the purchase/lease of land for Patent filing • Cost of filing successful patent to be reimbursed to startups.
assistance • INR 2 lakhs for Indian patents and INR 10 lakhs for international
exemption development of IT Park/IT City and setting up IT/ITES units.
patents.
Capital subsidy • Subsidy at the rate of 10% on Fixed Capital Investment (FCI),
for IT/ITES units subject to a maximum subsidy of INR 50 crores. POPULATION AND URBANIZATION
O Office hubs
30
R Residential hubs
Retail malls
77C
SBD Rentals
Kursi Road Office rentals (INR/sf/month) (GOMTI NAGAR):
INR 50 - 65
State Highways
Lucknow Boundary
731 91C
Note - The city boundary denotes the boundary of Lucknow Municipal Corporation Note - Grade A malls in Lucknow quote rentals in the range of INR 100 - 250/sf/month
Rental support to IT/ • Monthly rental support on per seat basis to IT/ITES units in
ITES units coworking offices.
• 50% of monthly rental for first 2 years, upto maximum of
INR 10,000 per seat.
• 25% of monthly rental for 3-5 years, upto maximum of INR 5,000
per seat.
POLICY ENVIRONMENT Scheme for assistance for Startups/Innovation - Gujarat Industrial Policy 2020
Capex and opex • Subsidy at the rate of 10% on Fixed Capital Investment (FCI),
POPULATION AND URBANIZATION
support for data subject to a maximum subsidy of INR 50 crores.
centres • Minimum capital investment of INR 5 crores.
Surat District has an urban population share of around 72%, higher than the urban population share of
Gujarat which is around 43% and 35% for the whole of India.
PAL
167 Capital Value: ADAJAN
INR 5,000 - Capital Value:
8,000 INR 5,500 - 9000
6
Bheshan
Parle Point Highstreet Rent
INR 150 - 200/sf/month
Surat Railway
Office Rental
Station
(DUMAS ROAD)s:
INR 40 - 50
Note - The city boundary denotes the boundary of Surat Municipal Corporation Note - Grade A malls in Surat quote rentals in the range of INR 150 - 200/sf/month
Concession on • IT enterprises with investment upto INR 5 crore to get 50% stamp
KEY INDUSTRIES stamp duty duty exemption.
• IT enterprises with investment more than INR 5 crore to get 100%
Information technology, textiles, jewellery, machinery and machine tools, stamp duty exemption.
minerals production, tourism.
Interest subsidy • 5% interest subsidy on term loans, subject to maximum of INR 5 lakh
per year, for a period of 5 years.
• Investment should be more than INR 25 lakhs.
Exemptions for IT • Exemption from payment of 50% of electricity duty for 7 years.
service enterprises • Exemption from payment of 50% of land tax for 7 years.
• Reimbursement of 50% of VAT paid on machinery/equipment Growth Stage • Funding of upto INR 2 crore to be provided to gold rated start-
purchase, upto a period of 7 years. funding ups through the Scale Up Fund of the state government.
Incentives for • 25% subsidy on internet charges subject to maximum of INR 5 lakhs
BPOs/KPOs per annum.
POPULATION AND URBANIZATION
• Incentive to be given for 2 years.
Jaipur District has an urban population share of around 52%, significantly higher than the 25% urban
population share of Rajasthan and 35% for the whole of India.
O Office hubs
R Residential hubs
Retail malls
2C
Office rentals (INR/sf/month)
Triton Mall MI Rd HS Rent
Ambabari INR 200 - 250/sf/month
Station Housing capital values (INR/sf)
248
C-Scheme HS Rent
Jaipur Railway Vaishali Nagar HS Rent INR 180 - 250/sf/month
station Bada INR 150 - 200/sf/month High streets
Chaupar
48
Transport
Nagar Station Pan-India Flex space operators
Ajmer Road
VAISHALI NAGAR Pink Square
Churaha Capital Value: Mall
21 INR 5,500 - 8,500
81
Mansarovar GT Mall
Station
Office Rentals (NEW
SANGANER ROAD):
INR 45 - 60 Malviya Nagar
National Highways
State Highways
Jaipur Boundary
Note - The city boundary denotes the boundary of Jaipur Municipal Corporation Note - Grade A malls in Jaipur quote rentals in the range of INR 100 - 250/sf/month
POLICY ENVIRONMENT
Thiruvananthapuram District has an urban population share of around 54% as compared to the 48% share
of Kerala. The district’s share is also higher than the 35% pan India urban population share.
66
Technocity
PBD Rentals
(KAZHAKOOTTAM, KARYAVATTOM):
INR 35 - 45
Trivandrum -
SBD Rentals
Kazhakootam Kilimanoor Road (PATTOM, THAMPANOOR):
INR 70 - 80
2
Pattom Highstreet Rent
INR 100 - 150/sf/month
1
AAKULAM SASTHAMANGALAM
Capital Value: Capital Value:
Kowdiar INR 6,000 - 8,500 INR 6,000 - 11,000
Pallayam
Lulu International Mall
Thiruvananthapuram
Central Railway Station SBD Rentals
(VAZHUTHACAUD):
Thiruvananthapuram INR 50 - 60
International Airport
Karamana
O Office space Mall of
Travancore
MG Road HS Rent
Railway Station
R Residential Space INR 100 - 150/sf/month
66
Panvel-Kochi-
Airport
Kanyakumari Highway
Retail
Operational Metro Corridor
Office rentals (INR/sf/month)
Proposed Metro Corridor
Note - The city boundary denotes the boundary of Thiruvananthapuram Corporation Note - Grade A malls in Thiruvananthapuram quote rentals in the range of INR 130 - 200/sf/month
Iron and steel and ancillary industries, ship building, fishery, agro-based
industries (jute and rice mills), information technology.
Customized • Mega projects might get customized package of incentives.
incentive package • Mega projects are those with atleast INR 500 crore investment or
employing minimum 5,000 entry level professionals.
FSI relaxation and • Investment portal to handle all applications, permissions etc.
Single Window • FSI norms to be relaxed in IT parks, subject to payment of
prescribes premium.
KEY PROVISIONS DETAILS Startup Funding • A Fund of Funds of INR 100 crore shall be co-created with VCs
and PE firms to fund startups.
Power tariffs and • All IT units will be eligible for industrial tariffs.
transport subsidy • Transport subsidy of INR 500 per employment position per month Startup promotion • Creation of startup promotion scheme for early-stage startups,
to be provided for 2 years, subject to maximum of INR 10 lakhs per scheme ‘Accelerate Startups in Andhra Pradesh (ASAP)’.
firm.
Focus on emerging • Startups working in SAI/ML, AR/VR, IoT, robotics, 5G etc to get
Employment • One time incentive of 10% of annual salary based on number of technologies priority in office space allocation, incubation centres, prototyping
incentive high-level, mid-level and entry-level jobs created. labs etc.
Essential service • IT industry declared as essential services under AP Essential POPULATION AND URBANIZATION
status Services Maintenance Act.
Visakhapatnam district’s urban population share is around 50% as compared to the 35-40% share of
Andhra Pradesh and the pan India share of 35%.
RUSHIKONDA
Capital Value: MADHURWADA
INR 7,000 - 9,000 Capital Value:
144
INR 5,000 - 7,500
138
MVP COLONY
SBD Rentals
Capital Value:
(RUSHIKONDA):
16 INR 6,000 - 8,500
INR 45 - 65
516 C
CMR Central
VIP Road Highstreet Rent
Mall
INR 180 - 200/sf/month
Visakhapatnam Visakhapatnam
International Airport Railway Station Sampath Vinayaka Temple
Road Highstreet Rent CBD Rentals (VIP ROAD,
INR 180 - 200/sf/month DWARAKA NAGAR):
INR 50 - 70
16 Railway Station
Visakhapatnam
Chennai - Kolkata Highway Port Airport O Office hubs
Port
R Residential hubs
Operational Metro Corridor
High streets
Note - The city boundary denotes the boundary of Greater Visakhapatnam Municipal Corporation Note - Grade A malls in Visakhapatnam quote rentals in the range of INR 120 - 150/sf/month
AUTHORED BY:
AWANTIKA MOHANTY
Head of Business Development Services
India, Singapore and South East Asia
awantika.mohanty@cushwake.com