By, Mitul Jain, Managing Director, SPJ Group
There was a time when a new highway or metro corridor was viewed largely as an infrastructure project. Today, it often marks the beginning of a new real estate market. Over the years, this has become one of the more consistent patterns in our industry. Wherever connectivity improves, and employment follows, housing, offices and retail eventually gather around it. The sequence may differ from one city to another, but the outcome is usually the same.
What has changed over the last decade is the pace at which this cycle is unfolding. India’s cities are no longer expanding only from their centres. New business districts, industrial corridors, airports and expressways are creating multiple growth nodes within the same metropolitan region. Buyers are responding to this shift as well. The focus is no longer limited to the size of a home or the amenities within a project. Increasingly, the location is being judged by how the surrounding urban ecosystem is likely to evolve over the next ten or fifteen years.
This shift is visible across the country’s leading cities. Bengaluru continues to benefit from its technology ecosystem. Hyderabad has strengthened its position as a preferred destination for Global Capability Centres. Pune’s manufacturing and technology base has supported steady residential growth, while Mumbai continues to reinvent itself through infrastructure-led redevelopment. Different cities are following different paths, but the common thread is that real estate performs best when employment, infrastructure and urban development reinforce one another.
The commercial market reflects this trend clearly. As per JLL’s India Office Market Report 2025, the country recorded its highest-ever annual gross office leasing of 83.3 million sq. ft. in 2025, while net absorption reached a record 57 million sq. ft., highlighting how employment-led growth continues to shape urban real estate demand.
Delhi-NCR has entered a similar phase, although its evolution has been more distributed. Instead of one city expanding endlessly, the region has developed through multiple urban centres connected by better infrastructure. The Dwarka Expressway, expanding metro network, the RRTS and the Noida International Airport are changing how people evaluate locations across NCR and opening new opportunities for residential, commercial and retail development.
Within this transforming landscape, Gurugram, interestingly, continues to maintain its distinctive niche. The city’s strong corporate presence, established office districts and expanding business ecosystem have created a demand profile that is difficult to replicate. In fact, JLL estimates that Delhi-NCR, spearheaded by Gurugram, accounted for 20.9 percent of India’s total office leasing in 2025, second only to Bengaluru, highlighting the region’s importance as a business destination.
Another interesting change is visible in buyer behaviour. Earlier, infrastructure was expected to be fully in place before demand picked up. Today, buyers are often willing to invest ahead of completion if they are confident about the direction of development. That confidence has been built over years of seeing major projects transform entire corridors rather than individual neighbourhoods. As initiatives such as the proposed Namo Cities take shape, the same model of infrastructure-led, employment-driven growth is likely to define the next phase of India’s real estate market.
