Leading international real estate consultants JLL India released the report ‘The Dawn of India’s Future Cities’ in association with The Confederation of Real Estate Developers Association of India (CREDAI) at the New India Summit, Nagpur last month. The report highlights the need for new urban centers in the country, and shortlisted 45 potential mega-cities such as Nagpur, Lucknow, Jaipur, Kochi and Bhopal, among others. 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.
India’s urban population currently accounts for 33.5% of the total population and contributes over 60% of India’s GDP which is projected to increase to 75% by 2030. This rapid pace of urbanisation underscores the need for discovering alternate channels to leverage India’s workforce and increase efficiency, thereby improving the standard of living of its citizens.
Driven by investments in infrastructure and skilled workforces, the listed cities can potentially see accelerated growth in the manufacturing/ industrial, tourism and warehousing sectors, and emerge as India’s new mega cities.