Ranchi is Improving Infrastructure Puts it on the Real Estate Map of India

  • Added:
    Jul 17, 2014
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Ranchi is Improving Infrastructure Puts it on the Real Estate Map of India Photo by Ramesh Yadav

A city that becomes the capital of a state becomes the center for that state’s economy, commerce and real estate. This is true of Ranchi which is the capital city of the state of Jharkhand. The state of Jharkhand is relatively young as it came into being only in 2000. Ranchi has the second highest population in Jharkhand and is the third largest city preceded by Jhamshedpur and Dhanbad.

Since becoming the capital city of Jharkhand, Ranchi is generating a lot of employment opportunities in terms of government jobs, bank related jobs and even job opportunities in the Fast Moving Consumer Goods sectors. So much so that the city was considered to be the highest employment generating city among the tier II cities in India, beating out cities such as Mangalore and Mysore. Employment is a key factor that drives real estate. Residential property in Ranchi has witnessed appreciation on the back of this factor as well as other factors.

Ranchi is well connected to the rest of the state and even the country. The Ranchi Railway station located in the South Eastern Railways is one of the most important and profitable stations. Besides the main Ranchi station, there are 3 other stations located within this city.
Besides being connected to most of the metros in India, this city is also connected to cities such as Ajmer, Jaipur, Vijayawada and Jammu to name just a few. Besides the rail connection, this city is also connected through the aerial route.

The Birsa Munda Airport is situated in this city and is considered to be one of the very modern airports in the country. This airport has five parking bays and this number will go up by eight as three more bays are being added. This airport will be the only airport amongst the tier II cities to have eight parking bays according to reports. Ranchi’s road connectivity is good as it lies on National Highways 23 and 33.

With increased connectivity property rates do increase over time. One such connectivity related project that might increase the rates of properties such as flats in Ranchi is the Ranchi - Dhanbad Expressway. This is a 100 km Expressway requires 450 hectares of land and will be constructed by the ‘State Highways Authority of Jharkhand (SHAJ) on the build-finance-operate-transfer (BFOT) basis in three phases. The first phase of this project will cover the stretch between Ranchi and Bokaro.

Areas which are closer to the Ranchi Stadium are the ones that are in demand as far as residential property in Ranchi is concerned. According to recent reports, areas such as Ranchi Main Road, Kanke Road, Ratu Road, Harmu Road and Bariatu are considered to be the upcoming localities in Ranchi. Flats in Ranchi located in the Kanke Road can cost INR 1 crore depending on the amenities offered. Hence it would not be unfair to state that tier II cities such as Ranchi which are fast catching up with their metro counterparts are the future of real estate in India.

Author's Profile

Ramesh Yadav is a real estate blogger and writer. He writes articles and blog content about real estate market trends. He prefers to invest in flats in Ranchi and Residential property in Ranchi.

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