Corporate Real Estate in

INDIA
U P C O M I N G L O C AT I O N S

By Sonali Tare

EXCLUSIVE
RESEARCH

INDIA UPCOMING LOCATIONS

1

Mumbai, Delhi, Bengaluru (Bangalore), are cities that every CRE professional in the world has heard of and is
aware of. Mumbai is the financial capital of India, Bangalore the silicon valley of India, and Delhi, including
New Delhi (the capital of India), has one of the largest urban populations in the world.
There are however, many upcoming, smaller, Tier 2 and 3 cities
that are increasingly gaining attention, and have the potential to draw
investment from international as well as Indian companies.
Tier 1 cities such as Mumbai, Delhi and Bangalore have been going
through exponential growth, and will continue to grow. However, as
the pressure on these cities grows, so will the costs associated with

conducting business there. Similarly, the stress on infrastructure will

continue to grow as well. With these changes, corporations, both Indian
and multinational, will start to look for alternate locations to put their
businesses, garnering increasing attention for smaller cities. Other
factors such as lower cost of living, availability of cheaper talent, and
more reasonably priced real estate might guide these decisions as well.

INDIA UPCOMING LOCATIONS

2

The definitions of Tier 1, 2, and 3 are varying, and depend on who

you ask. For example, while most agree that Mumbai, Bangalore and
Delhi are considered Tier 1, cities such as Pune, Hyderabad, Chennai
and Kolkata are harder to categorize. As George McKay, South Asia
Director | Office & Integrated, Colliers observed, It really depends on
who is looking at these cities. E.g. Pune might not be considered to
be a Tier 2 city by someone looking at it from the IT/BPO perspective.
For them Pune is probably a Tier 1 city. This is borne out by a 2008
report by National Association of Software and Services Companies
(Nasscom) and AT Kearney titled Location Roadmap For IT- BPO
Growth: Assessment Of 50 Leading Cities. According to this report,
Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Kolkata, and Pune
were identified as the leaders when it comes to IT/BPO outsourcing.
From the IT/BPO point of view, India is still one of the number one
destinations, according to AT Kearneys 2014 report titled, The Rising
Stars in IT Outsourcing. The maturity of the Indian IT sector, including
strong processes and a well-developed IT infrastructure, continue to
make India an attractive location to do business. In addition, there is a
plethora of English-speaking, IT talent that graduates every year, from
Indias technical schools.

However, it is not only the IT/BPO sector that continues to grow.

With a fast-growing, large population like Indias, many sectors
are impacted by the expansion taking place. For example, India is
also increasingly becoming a consumer powerhouse for financial/
banking services. With a substantial portion of the 1.3 billion
population still in the process of connecting to the formal banking
and financial systems, there is huge potential in the market for
these services. For example, the number of ATMs in India has
risen exponentially, from over 16,000 in 2005, to an estimated
174,000 plus in 2015.2 According to industry reports, most of the
increase is expected to come from the upsurge in ATM installations
in Tier 2 and 3 cities.3 With the new government also promising to
provide one bank account per household in India, this scheme is
sure to have an impact on the banking sector, further accelerating
growth. Currently, about 40 percent of Indians have little access
to financial services.4
5

As can be seen from the graphs above, there has already been
a significant rise in the total amount of deposits in the country.
Estimates put the Indian banking and financial sector in third place
by 2025, in terms of volume as well as employment. In terms of
employment, the expectation is that over the next decade, 2 million
jobs will be created by this industry alone and that a lot of this
growth will be targeted towards the Tier 2 and 3 cities.6

1 Emerging Delivery Locations in India: The Rising Tide, Nasscom and Cushman & Wakefield, 2014
2 Growth of ATM industry in India, Prof. Jyotiranjan Hota, CSI Communications, February 2013
3 Indian ATM Industry: Gearing up for the next phase of growth, Paymentscardsandmobile.com

4 Indias Narendra Modi launches bank accounts for all, BBC.com, 28 August 2014
5 Banking sector in India, IBEF.org
6 Indian Banking Sector To Create 2 Million Jobs In The Next Decade: Experts, Trak.in,
February 10, 2014

INDIA UPCOMING LOCATIONS

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MIDDLE CLASS
AND RETAIL
Another factor that is sure to influence the way India and its economy grows is the growth in its middle class.
By 2030, the Indian middle class is projected to reach 475 million, which will be one of the largest in the world,
according to a report by E&Y.7
8

example, Mercedes Benz is looking to expand in the Tier 2 and 3

cities. The car company has new dealerships in smaller towns such
as Madurai, Kanpur, Nashik, etc.11 Similarly, Sony, the consumer
electronics company is expecting to expand its TV business to grow
in the non-metro regions of the country. Furthermore, they are looking
at expanding their offerings from just TV sets, and adding mobile
handsets. They also anticipate their distribution network to rise from
20,000 to 24,600 in the coming year.12
This growth in retail and increased consumption is not limited to
brick and mortar stores. According to eBay, which identifies India as
one of its main growth markets, a substantial amount of the demand

Impacting the Tier 2 and 3 cities, specifically, is the fact that about
100 million of this middle class will live in these cities, and consumption
in these regions will grow from US$ 5.7 billion in 2014 to over US$ 80
billion by 2026.9
According to a recent PricewaterhouseCoopers report, retail in
India is expected to grow to 1 trillion USD by 2020, from a level of
500 million USD in 2012. While much of the retail sector in India is
still unorganized, according to the report, the organized sector will
grow from 8 percent in 2012 to an estimated 50 percent in 2034.10
And as the sector organizes further, the pressure on retail-related
real estate needs will increase. Additionally, with increasing incomes
in the smaller cities, interest in luxury brands is on the rise. For
7 Hitting the sweet spot - The growth of the middle class in emerging markets, Ernst &
Young, 2013
8 Hitting the sweet spot - The growth of the middle class in emerging markets, Ernst &
Young, 2013
9 Why should a retailer move to tier-II & -III cities, Indiaretailing.com, Manisha Bapna,
September 17, 2014
10 Future of India The Winning Leap, PricewaterhouseCoopers, 2014

11 Merc plans used car push in small cities, Economictimes.com, Aditi Saxena and Ketan
Thakkar, 19 December, 2014
12 Sony looks to tap Indias small cities, affordable segment, Deccanchronicle.com,
September 28, 2014
13 Tier II & III cities dominate eBay traffic, Financialexpress.com, January 20, 2015
14No more doubts about e-commerce survival, Livemint.com, Shrutika Verma and Mihir
Dalal, December 29, 2014

INDIA UPCOMING LOCATIONS

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in India comes from Tier 2 and 3 cities. Significantly, the demand for
ecommerce in India is further encouraged by the easy availability and
high level of penetration of cell phones, as well as the increasingly
ubiquitous nature of internet connectivity.13 This increased demand
is seen by Indian e-commerce companies such as Snapdeal as well.
For example, Indian e-commerce sites are seeing over 60 percent
of their demand come from Tier 2 and smaller cities.14 This increase
in e-commerce is impacting real estate by increasing demand for
warehouses. According to a recent report, in 2014 25 percent of the
increase in demand in warehouses came from e-retailers. In an effort
to cement their presence, e-retailers are also demanding more office
space, and from 2013 to 2014 there was a 400 percent increase in
office space demand from this sector.15
As these cities grow, and continue to urbanize further, demand
for what might be considered more typically urban things has
increased as well. For example, the smaller cities are becoming more
and more lucrative from the perspective of fast food companies.
Over the last two years, fast food consumption in Tier 2 and 3 cities
has grown 108 percent, as opposed to 35 percent in Tier 1 cities,
according to a report by The Associated Chambers of Commerce &
Industry of India (Assocham). Furthermore, according to the report,
there is tremendous potential for additional growth in the fast food
industry in the smaller cities.
Another sector that is starting to be impacted is the hospitality
sector. International chains like Marriott and Wyndham are already
looking to expand in smaller locations. Additionally, Indian brands
such as Sarovar Hotels and The Fern Hotels and resorts are similarly
counting on Tier 2 and 3 cities to be growth areas.
As some of the sectors mentioned above continue to grow, their
demand for real estate changes as well. The graph below illustrates
these trends:

the demand for

ecommerce in India is further

encouraged by the easy availability

and high level of penetration of cell
phones, as well as the increasingly
ubiquitous nature of
internet connectivity.

16

15 Almost 25% of Indias total demand for warehousing space in 2014 driven by e-retail,
CBRE.com, January 21, 2015
16 Rowing the New Wave Game-changing Rules for Indian Real Estate, JLL, 2014

INDIA UPCOMING LOCATIONS

5

UPCOMING
CITIES
All of these prospects will ultimately lead to increased interest in emerging cities in India. There was an
uptick in interest in the smaller cities before the global financial crises in 2008. Everyone was looking to
expand and upcoming locations made sense.
After the crises, however, the general mood was to try and consolidate as much as possible. Some of the costs advantages that Tier 2 and 3 cities
had were eroded due to corrections in income and real estate costs in the Tier 1 cities. The end result being that many corporates ended up staying in
the bigger cities, according to Sanjay Dutt, Executive Managing Director- South Asia, Cushman & Wakefield. However, over the past few years, there
have been a few cities that have garnered more interest than others.
A good marker of where and how business is trending is the IT and BPO sector, which according to a
recent report by Cushman & Wakefield, is the biggest private sector employer in India. The same report
identifies four cities as the most promising cities in terms of future growth: Ahmedabad, Jaipur, Kochi
and Kolkata.17 Though these are identified as the best next-generation locations for the IT/BPO sector
specifically, in terms of future office demand, this sector is a good identifier of upcoming trends.
18
19

17 Emerging Delivery Locations in India: The Rising Tide, Nasscom and Cushman &
Wakefield, 2014
18 India Map with Capital, Major Cities, Roads and Water Features, Mapresources.com

19 Emerging Delivery Locations in India: The Rising Tide, Nasscom and Cushman &
Wakefield, 2014

INDIA UPCOMING LOCATIONS

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Ahmedabad

Jaipur

Ahmedabad is located on the west coast of India, in the state of

Gujarat. It is the largest city in the state and major industries include
engineering, textiles, pharmaceuticals, etc.20 Ahmedabad, which has
typically attracted small and medium size local/regional business is
now being considered as a potential location by more and more large
corporations. Access to the citys talent is one reason why companies
are choosing to move here. For example, Ahmedabad is home to
two of Indias premier institutes, the Indian Institute of Management,
Ahmedabad and the Indian Institute of Technology, Gandhinagar. It
also has a large talent pool of finance-related professionals, such as
those in the accounting field.
The government has been seeking to make the city more
appealing to business, overall, and the InfoCity in Gandhinagar,
which lies about 30 kilometers away from Ahmedabad and is the
capital of Gujarat, has added to that appeal. The InfoCity aims
to have world class infrastructure, residential, and recreational
facilities. The goal is to be the prime location for the IT/ITes and
BPO sectors. Ahmedabads proximity to the InfoCity will draw further
attention to the city. There are already indications that businesses
are taking a closer look at Ahmedabad. This is borne out by the fact
that in the first three quarters of 2014, the city saw a 200 percent
plus increase in the absorption of office space, as compared to
2013. Most of the increase in this demand came from IT/ITes and
manufacturing.
IT companies such as TCS, Patni and Aegis are already located in the
city and there has been an uptick of interest from auto manufacturers.
Tata Motors, Ford Motors, Honda, General Motors, and Maruti Suzuki,
all, either already have plants in Gujarat, or plan to open plants there in
the near future. The fact that all of these will be in Ahmedabad district
will ensure continued interest and growth in the city itself.

The city of Jaipur, also known as the pink city due to its uniquely
colored architecture, is the capital of the north-western state of
Rajasthan. In addition to being the capital city of the state, it is also a
very attractive tourist destination, with tourists from all over the world
flocking there. The main industries in Jaipur, apart from tourism, are
mostly related to handicrafts, such as jewelry, and stone and metal
works. More recently, it has been attracting increasing attention from
corporates, especially in the IT and BPO sectors.
Improvements to infrastructure, such as the building of a metro
system, and a new IT park, Mahindra World City are having a positive
effect on the attractiveness of Jaipur as a business location. The
Mahindra World City is one of the largest IT parks in the country. It
was specifically built with IT companies in mind, and has Grade A
office stock on offer.
Furthermore, Jaipur has a good talent base, with numerous
universities in the city, as well as the premier Indian Institute of
Technology, a few hours away, in Jodhpur. In addition to the presence
of IT companies such as Wipro, Infosys and Genpact, there are
indications that Jaipur is becoming a hub for finance and bankingrelated BPO operations.22 Deutsche Bank as well as Indian banks ICICI
and State Bank of India have facilities in the Mahindra World City.23 In
a sign that there is increased recognition of the citys potential, Oracle
recently announced that they would be opening offices in Jaipur, as
part of a 5 city expansion plan in India, aimed at Tier 2 and 3 cities.24
Other sectors showing interest in the city include the manufacturing
sector, with the JCB group, the largest manufacturer of construction
equipment in India announcing new facilities near Jaipur.25
Jaipurs proximity to the Delhi-NCR region, and the development of
the Mumbai-Delhi Industrial Corridor on which Jaipur falls, will ensure
that the city will continue to attract increasing attention.

IT, auto manufacturing, finance

and banking are all contributing
to the growth of these cities.

20 KPMG Global Frontiers Online: Ahmedabad, India

21 Ahmedabad records highest office uptake growth in Jan-Sept: C&W, Businessstandard.com, November 26, 2014

INDIA UPCOMING LOCATIONS

7

10 million passengers annually.29 There is also a metro rail in the

works, with the project to be completed by 2016.30 It is anticipated
that the metro will reduce traffic congestion, improve connectivity and
keep up with transportation demands that will be put on the citys
infrastructure, as it grows.31

Kochi
Kochi or Cochin is situated in the Kerala state of India, which lies on
the south-west side of the country. Kochi, which is the commercial
capital of the state, has a vibrant commercial port, and is also a
popular tourist destination. Major industries include, shipbuilding,
spice exports, health services, IT, and tourism, amongst others. With
a large talent pool and high literacy rates, Kochi is emerging as a
lucrative destination for IT and BPO activity. Recognizing the potential
of the IT/BPO industry to create growth and employment in the region,
the state government of Kerala initiated in 2004 the construction of
an InfoPark. The InfoPark already employs over 18,000 people and
houses over 130 firms. More recently, it has been garnering increased
attention, with Tata Consultancy Services (TCS), the India-based IT
giant, as well as Cognizant planning to add 1.5 millilon square feet
and 12,000 jobs each to the InfoPark by 2016.26
There is also a Smart City in the works, a 246-acre facility, which, it
is estimated, will employ 90,000 people. The city is to be completed
by 2020 and opportunities will include retail, schools, hospitals, food
& beverage, hospitals, etc.27 The first phase, including an IT center
will be completed by mid-2015, and there is already a plan in place
to locate IT firms there.28 The city is also improving its infrastructure
by building a new international terminal, capable of handling over

22 KPMG Global Frontiers Online: Jaipur, India

23 Mahindra World City Online: Jaipur
24 Oracle to set up five more offices in India, Thehindubusinessline.com, Rajesh Kurup,
January 3, 2015
25 JCB inaugurates new plants in Jaipur, projectsmonitor.com, November 25, 2015 26
Export revenue grows 23% in Kochi Infopark firms, Thehindubusinessline.com, V
Sajeev Kumar, May 6, 2013

Kolkata
Kolkata (formerly Calcutta), is the capital of the eastern state of
West Bengal and the major commercial and urban center for most
of eastern India. It also houses one of Indias major ports. Being the
capital of the state, Kolkata has always been on the business radar
and is not necessarily a new upcoming city. It was mentioned in the
2008 Nasscom and AT Kearney report as being one of the leaders of
the IT/BPO scene, however the city has gone through many ups and
downs since, and is now undergoing a revival with the government
keen on welcoming further business.
Due to its location and due to its being the major hub for business
in the region, Kolkata attracts a lot of talent. Some of Indias biggest
universities, such as the well-renowned Indian Institute of Management
are located there. According to KPMG, the presence of the Indian
Statistical Institute also allows Kolkata to deliver a high level of
finance-related services. Adding to its weight as an attractive business
destination is the presence of the Kolkata Stock Exchange, which is

27 Keralas 90,000 job IT Smart City will create 4500 jobs in 2015, Indiatoday.in, J
Binduraj, May 31, 2014
28 SmartCity targets June 15 deadline, TimesofIndia.com, December 14, 2014
29 India 2014: Enabling the prospects, EY 2014
30 Alstom to deliver signalling and electrification solutions for Indias Kochi Metro Rail,
Railway-technology.com, 23 January 2015
31 Why Kochi Metro, Kochi Metro Rail Limited

INDIA UPCOMING LOCATIONS

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the second largest in the country.32 Being the state capital adds to its
appeal. In addition to national and state chambers of commerce being
located there, many manufacturing firms locate their headquarters in
Kolkata as well.
In 2012, the state government put into place a Technology Policy,
with the aim of becoming one of the top three states in the country in
terms of employment and turnover in the Information Technology and
electronics design and manufacturing fields. The policy plans to make
it easier for investors to invest, increase the talent pool related to these
fields, and enhance IT connectivity and training in the rural areas.33 All
of these steps will make Kolkata, as the business nerve center, more
attractive. Already, many top IT/BPO companies such as, Accenture,
Infosys, IBM, Wipro and TCS, amongst others, have a presence there.34
According to a recent report by Cushman and Wakefield, Grade A IT
office space increased by 1.6% between 2008 and 2013.35

32 City Spotlight: Kolkata, India Briefing, Business Intelligence from Dezan Shira &
Associates
33 West Bengal Policy on Information and Communication Technology, 2012 and West
Bengal ICT Incentive Scheme, 2012, Software Technology Parks of India, Kolkata
34 KPMG Global Frontiers Online: Kolkata, India
35 Emerging Delivery Locations in India: The Rising Tide, Nasscom and Cushman &

Connectivity to IT technology is good, with the state government

keen on improving this further, as outlined in its 2012 Technology
Policy. In order to meet the policy goals, the government recently
announced that Kolkata will have free, city-wide wi-fi in the coming
two months.36
In 2013, the city inaugurated its new airport facilities, with the
capacity to handle 25 million travelers, as compared to the earlier 4.5
million.37 Kolkata also has one of the oldest metro railway systems in
the country, and there have been plans to expand it for some time.
However, these plans have been currently put on hold. With traffic
congestion in the city being quite challenging, the improved metro
connectivity would have alleviated transit times to some degree. On
the other hand, Kolkata, has good transportation to other parts of the
country, as well as the rest of the state.38

Wakefield, 2014
36 Kolkata to become fully wi-fi-enabled in 2 months time, economictimes.com, January
27, 2015
37 Kolkata airports new terminal inaugurated, Business-Standard.com, January 21, 2013
38 KPMG Global Frontiers Online: Kolkata, India

INDIA UPCOMING LOCATIONS

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THE IMPETUS AND

THE CHALLENGES
For any firm, location considerations are an ongoing theme. Whether they are looking to expand their footprint,
looking to cut costs or looking for more talent. With that in mind, smaller locations are always going to be in
the running.
However, not all companies, especially international MNCs, will locate to
a small place if its their first venture into India. For most companies that
are new to the country, the big metros, the first Tier cities are where they
will look to enter into the market from. However, if the company has been
in the country for a number of years, they are more aware of the market,
they are aware of the risks, and if they are looking to expand, they will
consider the smaller cities, says McKay. Overall, there needs to be further
awareness created about non-metro cities, geared especially towards the
MNCs. The lack of knowledge about upcoming destinations is evident in
the recent Ernst & Young India 2014 Attractiveness Survey, according to
which, 43 percent of respondents were only aware of major cities in India,
and were unable to name any upcoming locations.
Indian MNCs, as well as companies looking to expand their
manufacturing facilities specifically, do however, find smaller cities to
be more attractive. For Indian companies, there is the higher level of
awareness of how things work on the ground, and they are therefore more
open to this kind of move. For manufacturing focused companies, the
availability of larger lot sizes hold appeal, especially since these are either
not available in Tier 1 cities or come at a very high premium, concludes
Joseph Reddy, General Manager, Hiranandani Constructions Group.
It also bodes well for the smaller cities in general, that infrastructure and
related activities are expected to see a boom. The new government which
came to power in 2014 has put a premium on enhancing infrastructure
and on the creation of smart cities. There are also plans in place to create
highway corridors between major cities such as Mumbai and Delhi. These
corridors will influence the cities that lie on this corridor, increasing access
to them. Any cities on the path of these enhanced highways are sure to
experience growth.
And while infrastructure can still be an issue, many times, the
governments in non-metro cities are willing to work closely with the
companies, whether Indian or MNC, to give them what they might need

39

to make the decision to locate there. Additionally, when comparing the

infrastructure scenario between small and large cities, many times one
finds that though some of the metros have good infrastructure, many
dont. If you were to look at it solely from the point of view of cost, utilities
such as power and water are not huge cost generators, when compared
to the overall cost of real estate. So, if the cost of real estate is especially
low in a Tier 2 or 3 city, as compared to a bigger city, and the only drawback
is lack of water and/or electricity, that lack is not necessarily a deterrent,
according to Shirish Tare, Head Projects, Urban Infra. He adds, almost
every office building in India already has a 100% backup generator and
a water re-cycling system, and the costs associated with that arent that
high. They are a small percentage of the total real estate cost. Overall,
however, there is reason to be hopeful that infrastructure will improve with
the various initiatives already in place.

39 India 2014: Enabling the prospects, EY 2014

INDIA UPCOMING LOCATIONS

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In addition to improved infrastructure there is also a need for improved

quality of office space. Though real estate costs might be lower in
upcoming cities, many times, the quality of what you get is not up to par.
Smaller locations might not always garner the same kind of attention that
big cities do from the big developers. With that being the case, there are
many times when corporations might have to rely on smaller developers
instead. The end result being that the actual building might not meet
the expectations. The quality of construction to meet the demand of a
Class A grade building might be not available and can lead to the need
for more build-to-suit kinds of situations. These issues could be mitigated
by big developers venturing into these cities looking for opportunities,
concludes Reddy.
However, there is hope that things are changing. With the advance of
Special Economic Zones, as well as Software Technology Parks of India,
there has been an addition to the availability of quality office space even
in smaller locations. So much so that in the last five years, some of
the emerging locations have seen an increase of over 10 times in their
Grade A stock.40
In terms of talent, much of Indias talent comes from the smaller
cities, for example, 50-52 percent of the IT/BPO talent in India comes
from Tier 2 and 3 cities.41 According to Dutt, The bigger companies
are fairly aware of where the best talent comes from. They have that
pipeline in place. And yes, the costs associated with talent in the
upcoming cities are cheaper. However, on the flip side, those right out
of college are looking to move to the big city. They want to experience
that. With that being the case, with the talent being willing to move, the
imperative to locate where the talent is, is not always there. However,
the impetus to get higher access the talent pipeline was being felt a few

years back when salary increments were rising very quickly. The rise in
income related costs was eroding the cost advantages associated with
doing business in India. Now, those increments are in check, but as the
economy continues to pick up, those costs will begin to rise again, and
the need to start looking at Tier 2 and 3 cities from that perspective will
increase, Dutt adds.
However, there will be some time before the challenges of locating
higher level executives to smaller cities are overcome. With the
standard of living and amenities not always of the highest levels, it can
be difficult to convince leaders to move there. The end result being
that either more strategic facilities are kept in the metros or there is
increased travel to and fro. There is hope, nevertheless, that as the
emerging cities grow, improve infrastructure, and attract further retail,
that this will change.

Conclusion
Overall, the prognosis for upcoming cities in India is good. There are
many opportunities for them to grow as we see from the report above.
However, there are also many challenges, from lack of quality offices
to the lack of adequate infrastructure. Additionally, emerging locations
have to contend with what might be considered as micro-markets
around Tier 1 cities, such as Navi-Mumbai, which is a suburb of
Mumbai. These locations are many times cheaper than the CBD in the
city itself, and have the advantage of being in close proximity to the
city center, the big airports, as well as being able to support a higher
standard of living. This means that Tier 2 and 3 cities looking to grow
are not only competing with each other to attract business, but also
with the suburbs of the bigger cities.

Special thanks to the following leaders for sharing their perspectives:

George McKay
Sanjay Dutt
Joseph Reddy
Shirish Tare

40 Emerging Delivery Locations in India: The Rising Tide, Nasscom and Cushman &
Wakefield, 2014

Colliers
Cushman & Wakefield
Hiranandani
Constructions Group
Urban Infra

41 Emerging Delivery Locations in India: The Rising Tide, Nasscom and Cushman &
Wakefield, 2014

INDIA UPCOMING LOCATIONS

11

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