Nagpur emerging as new mega city in India, predicts JLL report

Source: The Hitavada      Date: 10 Nov 2017 09:24:53


Special Correspondent,

CREDAI-JLL’s report “The Dawn of India’s Future Cities” predicts bright future for Tier-II cities like Nagpur

The consistent efforts taken by the Chief Minister Devendra Fadnavis and Union Minister for Road, Transport and Shipping Nitin Gadkari have benefited Nagpur and it is identified as future mega city- in a report “ The Dawn of India’s Future Cities” released in New India Summit- 2017 organised by CREDAI at The Empress Palace on Thursday.
According to this report prepared by renowned firm Jones Lang LaSalle Incorporated (JLL), a highly respected global real estate services firm specialising in commercial property and investment management, described Nagpur as city with maximum potential.

JLL described Nagpur as the favourite destination for the investments in Affordable Housing Schemes launched by the Prime Minister Narendra Modi. Chief Minister Devendra Fadnavis will address the concluding function of the summit on November 10 at 11 am.

‘The Dawn of India’s Future Cities’ made a strong case for cities like Nagpur, Lucknow, Jaipur, Kochi, Ahmedabad, Varanasi, Bhopal. Driven by investments in infrastructure, affordable housing and skilled workforces, these cities can potentially see accelerated growth in the manufacturing, industrial, tourism and warehousing sectors, and emerge as India’s new mega cities, the report stated.

CREDAI President Jaxay Shah said, “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, III and IV cities.”

The Confederation of Real Estate Developers Association of India (CREDAI) and JLL India released their co-authored report ‘The Dawn of India’s Future Cities’ at the New India Summit. The report highlighted the need for new urban centers in the country and shortlisted 45 potential mega cities including Nagpur which are projected to drive the demand for affordable housing in India. The study based 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 emphasized 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.

The 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 New India Summit forum allows us to effectively gauge the capabilities and potential of India’s Tier II, III and 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 program 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” declared CREDAI Chairman Getamber Anand. Ramesh Nair, CEO Country Head – JLL India predicted that real estate and infrastructure sector would 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, Nair stated.

Anand Singhania, Chairman of Summit Committee, Shantilal Kataria, President of CREDAI Maharashtra, Anil Nair, President, CREDAI Nagpur Metro, Gaurav Agarwala Secretary, Mahesh Sadhvani, Naveen Bhai, former President Sunil Duddhalwar and others were prominently present.
In the evening session, noted film star Anupam Kher delivered a motivational speech before the delegates.