 "India may house 100 cities with population over 1 million by 2050")
By 2050, India is expected to accommodate nearly 100 cities with populations exceeding 1 million, alongside its eight mega-cities, says a report by Colliers India. Seventeen out of 30 high-potential cities are witnessing growth across various asset classes, propelled by infrastructure development, digitisation, and the rise of spiritual tourism.
The report, "Equitable Growth and Emerging Real Estate Hotspots," assessed more than 100 emerging cities, prioritising growth potential and real estate attractiveness. It picks 30 cities which, the report says, are poised for substantial growth.
“Smaller towns are emerging as dynamic contributors to India’s economy, driven by improved infrastructure, affordable real estate, skilled talent, and government initiatives,” said Badal Yagnik, chief executive officer, Colliers India.
As hybrid work becomes more prevalent, companies are adopting the hub-and-spoke model, setting up satellite offices in smaller towns. Rapid digitisation, too, is a boost for smaller towns, especially in the areas of warehousing and data centres. E-commerce proliferation is causing a surge in fulfilment centres and distribution hubs, alongside smart infrastructure developments, amplifying investment prospects.