India may house 100 cities with population over 1 million by 2050

By 2050, India is expected to have nearly 100 cities with populations exceeding 1 million, in addition to its existing eight mega-cities, according to a report by Colliers India. The report, titled "Equitable Growth and Emerging Real Estate Hotspots," evaluated more than 100 emerging cities and identified 30 that are poised for substantial growth, driven by factors such as infrastructure development, digitization, and the rise of spiritual tourism. Chief executive officer of Colliers Mr. Badal Yagnik, mentioned smaller towns are emerging as dynamic contributors to India's economy, driven by improved infrastructure, affordable real estate, skilled talent, and government initiatives. As hybrid work models become more prevalent, companies are adopting a hub-and-spoke approach, setting up satellite offices in these smaller towns.

Rapid digitization is also providing a boost to smaller towns, particularly in the areas of warehousing and data centres. The proliferation of e-commerce is leading to a surge in fulfilment centres and distribution hubs, coupled with the development of smart infrastructure, which is amplifying investment prospects in these emerging real estate hotspots.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.