Mumbai, December 9 (IANS). The demand for quality urban infrastructure will increase in India in the coming years. For this reason, India can invest more than Rs 143 lakh crore in infrastructure by 2030. This information was given in a report released on Monday.
Rapid infrastructure development is fueling the growth of satellite townships across the country, the Colliers report said.
The report further said that the majority of this expenditure by 2030 is to be directed towards urban clusters, allowing infrastructure-led growth in urban areas. The projects under consideration include airports, inter-city metro connectivity, aerocities, highways, high-speed rail corridors, IT + ITeS zones, large datacenter concentration zones and others.
It was told in the report that this trend is being seen in Mumbai Metropolitan Region. Work is being done to reduce congestion in Mumbai and its surrounding locations in a planned manner.
The report further said that the growth of the Mumbai Metropolitan Region (MMR) is driven by various infrastructure projects, including the Mumbai Trans-Harbour Link (MTHL), Navi Mumbai Airport Impact Notified Area (NAANA), Virar-Alibag Multimodal Corridor, Mumbai-Pune Missing Link and JNPT Extension Project are included.
According to reports, the commissioning of Bengaluru Kempegowda International Airport has added a new dimension to the expansion of North Bangalore.
Announcements of new projects have led to a nearly 2.5-fold increase in land prices over the period 2020 to 2024, from Rs 1,800 to Rs 4,500 per sq ft. This increase has been highest around smaller markets in North Bengaluru such as Devanahalli, Chikkaballapur, Hebbal and Yelahanka.
The upcoming Navi Mumbai International Airport is going to be India’s first airport with multi-modal transport connectivity. This new airport will have a capacity of 9 crore passengers annually and will promote the development of surrounding 90,000 acres of land through this project.
This will result in a boost to real estate growth in the region, with land prices in smaller markets like Khopoli and Pen increasing by about 3.9 times over the next five years from Rs 4,200 to Rs 16,200 per sq ft (2024-2030).
The upcoming Jewar Airport in Uttar Pradesh will boost urbanization in the state. Government initiatives such as the International Film City and metro line extension have further accelerated the development of Jewar as a township. These initiatives have led to an increase in the price of land in the last 5 years, from Rs 5,000 to Rs 7,000 per sq ft.
The Chennai Peripheral Ring Road project, once completed, is expected to boost the development of satellite towns like Sriperumbudur, Singapore, Malkoil and others.
The price of land in these areas has increased from Rs 2,500 per square feet to Rs 3,800 per square feet in the last five years.
“We expect these areas to continue to see growth in the coming years due to upcoming projects such as Fintech City and the proposed Chennai Greenfield Airport at Parandur,” the Colliers report said.
–IANS
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