GRI(Global Real Estate Institute) India Real Estate Investment Report 2007: India Gaining Momentum declared that 17 new corridors have emerged as strong investment destinations for investors with differing risk appetites. And Hinjewadi and Pune are among the most prominent.These two locations would also receive a boost from the neighbouring mature markets, namely Pune and Gurgaon respectively.

In the words of Cushman and Wakefield- GRI Real Estate Investment Report, “Hinjewadi (near Pune) and Manesar (near Gurgaon) emerge as the highest rankers on all parameters and are poised to be prominent locations with promising prospects due to relatively strengthened real estate dynamicas and favourable policies."

C&W India Deputy Managing Directors Sanjay Dutt and Anurag Mathur said, “Overburdened infrastructure, rising real estate and operational costs, limited availability of large land parcels - all have driven corporates and developers to seek alternate locations within their periphery."

Sanjay Dutt, Deputy Managing Director of Cushman &Wakefield, said that overburdened infrastructure, rising operational costs and limited availability of large land parcels have driven corporates and developers to seek alternate locations. The emerging corridors are extensions of tier I and tier II cities that stand to gain from the existing pool and benefits from pre-planned infrastructure.

These corridors are rated as per three broad parameters - sustainability, momentum and economic environment on the basis of a multi-variable analysis.

Besides Hinjewadi and Manesar, some of the corridors that rank high on the parameters include Sriperumbudur (Tamil Nadu), Shamshabad (Hyderabad), Greater Noida (NCR), Panvel and Virar (in and around Mumbai), Rajarhat, Chakan, Khadadi (Pune), Kokapet (Hyderabad), Bidadi (Karnataka), Thane (Mumbai), Bantala and Tumkur Road. and Devanahalli (Bangalore).

The real estate industry had been pegged at $16 billion in 2006-07. It is likely to reach $60 billion by 2010, growing at a compounded annual growth rate of 30 per cent, according to a report from consultancy firm Ernst & Young. In the last one year, the real estate company has raised more than $4.4 billion through public equity offerings.

“The availability of greater financing options has seen an increase in the scale of development, consolidation of developer balance sheets, greater streaming of the industry and greater emphasis on corporate structure. This, in turn, would help the industry in raising fresh resources" Dutt said.