Colliers–CII Report Flags Four Tier-2 Cities As Future Real Estate Hotspots
Colliers–CII Report Flags Four Tier-2 Cities As Future Real Estate Hotspots
Indore, Jaipur, Lucknow and Surat expected to deliver multi-bagger growth across commercial, residential and retail segments by 2047
India’s real estate landscape is shifting far beyond the traditional metros. A new joint report by Colliers and the Confederation of Indian Industry (CII) has identified 17 emerging cities that could shape the country’s next phase of property growth. Among them, four Tier-2 cities—Indore, Jaipur, Lucknow and Surat—stand out as potential multi-bagger hotspots over the next two decades.
The report, titled Real Estate @ 2047, highlights that rising urbanisation, accelerated infrastructure investment, and increasing corporate presence are driving this shift. These cities, once seen primarily as satellite hubs, are fast evolving into self-sustained economic centres with strong demand across commercial, residential and retail sectors.
According to the findings, Indore and Surat have high-impact potential not only in offices and retail but also in industrial and warehousing. Both cities are witnessing rapid upgrades in transport connectivity, logistics clusters, and skilled manpower availability, making them attractive to companies expanding beyond metros.
Jaipur and Lucknow, meanwhile, are emerging as strong contenders in newer categories such as senior living and other alternative real estate asset classes. Jaipur is expected to play a major role in the next wave of organised retail expansion, thanks to its growing consumer base and rising disposable incomes.
The report also projects significant growth across all key segments by 2047:
• Office space: more than 3x
• Residential housing: more than 2x
• Industrial and warehousing: more than 6x
• Retail: more than 2x
• Senior living (alternative asset class): more than 30x
• Data centres: more than 10x
• Co-living: more than 10x
These projections underscore the long-term potential of Tier-2 and Tier-3 cities, especially as companies look for cost-efficient real estate, better talent accessibility, and stronger quality-of-life indicators for employees.
For homebuyers, rising incomes and aspirations are boosting demand for modern housing in these growing centres. For investors, the combination of affordability, infrastructure upgrades, and future-ready development makes these markets compelling.
The emerging hotspots listed in the report include Indore, Jaipur, Lucknow, Surat, Kanpur, Patna, Coimbatore, Kochi, Nagpur, and Visakhapatnam, among others. As the market evolves, developers and investors are expected to increasingly look beyond metros, tapping into the high-growth potential of these rising cities.
Overall, the report signals a structural shift in India’s real estate map, suggesting that the next big opportunities may no longer be in Mumbai or NCR—but in the country’s rapidly transforming Tier-2 powerhouses.
