According to a report by Knight Frank India and CII, house prices in 11 emerging cities increased by an average of 63% between 2021 and 2026. In comparison, prices in major metropolitan cities such as Mumbai, Bengaluru and Delhi-NCR increased by around 42%.
The report indicates that the demand for better, safer, well-equipped and professionally managed residential projects is increasing in these cities.
The rise in housing prices is also linked to the growing presence of professionals, businesses, MSMEs and other economic activities in these locations.
Average House Prices in Selected Cities
| City | Average Price |
|---|---|
| Goa | ₹11,500–13,500 per sq. ft. |
| Chandigarh | ₹7,500–10,500 per sq. ft. |
| Jaipur | ₹7,000–9,000 per sq. ft. |
| Kochi | ₹7,000–9,000 per sq. ft. |
| Bhubaneswar | ₹6,550–8,550 per sq. ft. |
| Lucknow | ₹6,500–8,500 per sq. ft. |
| Coimbatore | ₹6,000–8,000 per sq. ft. |
| Indore | ₹5,500–7,500 per sq. ft. |
| Bhopal | ₹5,000–7,000 per sq. ft. |
| Nagpur | ₹4,500–6,500 per sq. ft. |
| Thiruvananthapuram | ₹4,500–6,500 per sq. ft. |
Note: These are average prices per square foot. Prices can vary depending on the location, project and amenities.
Mall and Retail Market
The report says that in 24 smaller cities, more than 1,720 stores belonging to 255 major international brands from 37 countries are operating.
The number of malls and shopping centres is also increasing as these cities develop. Shopping centres are increasingly combining retail, food, entertainment and other experiences.
Warehouse / Logistics Sector
Nagpur recorded the highest growth of 204% in warehouse transactions among the major Tier-2 cities.
In 2025, around 112 lakh sq. ft. of warehouse space was leased in these cities, compared with 114 lakh sq. ft. in 2024. Lucknow recorded around 19 lakh sq. ft. of transactions, while warehouse transactions in Nagpur increased by 204% to around 9 lakh sq. ft.
Main Point
The article highlights that Tier-2 and emerging cities such as Indore, Bhopal, Jaipur and Nagpur are experiencing rapid growth in residential real estate, retail, warehousing and commercial activity. Rising employment, business activity, infrastructure and demand for organized housing are contributing to this growth.
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