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Cover Story - North Destination North S Das Mohapatra

The country’s capital has always attracted investors, be it real estate giants or multinationals and retailers. With rapid devel- opment of adjoining areas like Gurgaon, Noida, Ghaziabad and Faridabad, the National Capital Region (NCR), has become a hot- spot for all kinds of investments in North India. While Ghaziabad and Faridabad are practicable industrial destinations, Gurgaon and Noida are attracting IT, ITeS companies. However, all NCR areas have become money mint- ing regions for real estate majors developing grand residential and commercial projects.

Both Haryana and Punjab have become hot destinations for IT companies. Chandigarh’s well- planned infrastructure and living condition and the state govern- ment’s liberal industrial policies is driving investors towards the city. In a study conducted by global marketing research firm, Gartner, Chandigarh is one of the most preferred location for IT compa- nies.

Rohan Sharma, Manager, Re- search and REIS, Jones Lang LaSalle says, “If we consider NCR as one destination only, then we can add Chandigarh, Jaipur and Lucknow to the list. And the rea- sons are well documented. They are state capitals, have access to a good resource pool and have strong domestic consumption

10 GIREM 101

fundamentals to be good invest- ment destinations.”

Thanks to the BSP government in UP, the city of Nawabs has undergone radical transforma- tion. Lucknow is now famous for many other things other than the Moughlai food and Chikan embroidery work. It has the best educational institutes (IIMs, etc), superb commercial, banking and legal infrastructure and is witness- ing rapid growth in information technology, banking, retailing, construction and other service sectors. Besides manufacturing units like Hindustan Aeronautics Limited, Tata Motors, etc, the city also houses offices of Ageis, IBM, TCS. Xerox, to name a few.

Forts, monuments, Rajasthani food, artifacts—Jaipur has been a great tourist hotspot in the North. But it has also grown as a region for both time-honoured and modern industries. It is known for being an exporter of gold, diamond and stone jewellery in Asia. On the other hand it is also an emerging global outsourcing hub. Genpact, Infosys, wipro, TCS, TechMahindra already have their offices in the pink city. Real estate groups are also not way behind, pushing people across the North- ern region to invest in plots in Jaipur.

A popular tourist destination, Dehradun has been famous for



being home to elite educational institutes of the country, the Indi- an Military Academy, for one. Of late it has also reaped the gains from the growing IT market also. Besides food processing indus- tries, horticulture and floriculture industries, Uttarakhand’s capital is suitable for biotechnology indus- try as well. Further, the setting up of software technology parks and special economic zones is adding to its economy.

Besides the above state capitals, there are many more upcoming investment destinations in North India. “There are smaller hotspots for investments, including Kundli (near Sonepat in Haryana is see- ing a lot of residential develop- ment and also to be connected to KMP Expressway making it an active industrial and logistics destination), Palwal (on account of upcoming connectivity with KMP Expressway as a logistics, warehousing hub), the nearly complete Yamuna Expressway as a destination for industrial, logistics, warehousing and devel- opment zones on account of the connectivity. To this we can add the areas of Daruhera, Bhiwadi (which are existing industrial and warehousing zones and will benefit from the KMP Expressway and are also witnessing afford- able housing projects),” opines Sharma.

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