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Construction World Magazine India | 45 potential mega cities to drive affordable housing demand in India
45 potential mega cities to drive affordable housing demand in India
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Report titled ‘The Dawn of India’s Future Cities’ highlights the potential of Tier-II, Tier-III and Tier-IV cities of India, stresses need for new urban centers.
Shortlists 45 cities including Nagpur, Lucknow, Jaipur, Kochi and Bhopal, which can potentially become the next mega cities.
The Confederation of Real Estate Developers Association of India (CREDAI) and JLL India have released their co-authored report ‘The Dawn of India’s Future Cities’ at the New India Summit, in Nagpur. The report highlights the need for new urban centres in the country and shortlists 45 potential mega cities such as Nagpur, Lucknow, Jaipur, Kochi and Bhopal, among others, who are projected to drive the demand for affordable housing in India. The study bases its findings on key parameters such as socio-economic momentum, enhanced connectivity infrastructure and high value indicators. With a sharp-focus on real estate, it identifies areas of opportunities for developers while reiterating the impact of regulatory changes on the sector.
The study emphasises that India needs new cities to augment its growth and leverage its promising demographics. Initiatives such as ‘100 Smart Cities’ and the urban rejuvenation scheme – AMRUT will provide emerging cities with a blueprint for becoming the next flagbearers of development in India.
India’s urban population currently accounts for 33.5 per cent of the total population and contributes over 60 per cent of India’s GDP, which is projected to increase to 75 per cent by 2030. This rapid pace of urbanization underscores the need for discovering alternate channels to leverage India’s workforce and increase efficiency, thereby improving the standard of living of its citizens.
The chief guest at the New India Summit,
Nitin Gadkari, Minister for Road Transport Highways & Shipping,
addressed the infrastructure development and economic growth in Tier-II and Tier-III cities. He was accompanied by renowned Bollywood actor Anupam Kher who graced the event as a motivational speaker.
‘The Dawn of India’s Future Cities’ makes a strong case for cities like Nagpur, Lucknow, Jaipur, Kochi, Ahmedabad, Varanasi, Bhopal and others. Driven by investments in infrastructure, affordable housing and skilled workforces, these cities can potentially see accelerated growth in the manufacturing and industrial, tourism and warehousing sectors, and emerge as India’s new mega cities.
Jaxay Shah, President, CREDAI,
says, “India’s demographic capabilities and potential bring with them a huge opportunity to match the world’s largest economic superpowers. This opportunity also brings with it challenges such as developing new urban centers to lead India’s economic charge, and creating appropriate employment opportunities. There is undoubted potential in India’s Tier-II, Tier-III and Tier-IV cities, and it is imperative that we leverage this opportunity to the maximum extent. Through its New India Summit, CREDAI aims to contribute to building a New India during this relatively slow growth period of the Indian real estate industry.”
Getamber Anand, Chairman, CREDAI
, says “The New India Summit forum allows us to effectively gauge the capabilities and potential of India’s Tier-II, Tier-III and Tier-IV cities. The Tier-I cities are already overcrowded and their resources are being exploited to a great extent. There is a clear need for new cities to be developed as the growth engines of the country. We fully support the government’s initiatives such as the 100 Smart Cities programme and AMRUT, which are steps in the right direction towards the progress of the country. We will continue to align our initiatives with those of the Government to further our country’s advancement.”
Ramesh Nair, CEO & Country Head, JLL India
, says, “The real estate and infrastructure sector will become a key agent of change by rendering the next wave of Indian megacities future ready. This sector is strengthening the country’s infrastructure backbone and helping in providing more physical space for its citizens to become happier and simultaneously more efficient economic agents. The report released at the New India Summit 2017 – aptly being held in Nagpur, one of the identified future megacities – provides a detailed roadmap for the Dawn of a New India.”
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