by THO
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Real estate is not only about building tall towers or gated communities for people, either in big cities or emerging cities, but it is also about building capacities for the future data centres and building capacities for attracting more Global Capacity Centres into the country, said BJP leader Smriti Irani on March 7 at the New India Summit organized by the real estate developers’ apex body, CREDAI, in Nashik, Maharashtra.
“I think even real estate from the perspective of, is it only about building tall towers, or, let’s say community, gated communities for people, either in big cities or emerging cities, it is also about building, let’s say, capacities for the future data centres. It is also building capacities for GCCs to come into our country more and more,” Irani said.
Currently, she said there are 1,600 GCCs in India and close to 1.6 to 2 million people are working in those GCCs.
She said that the number of GCCs are expanding and the data centers have to be complemented by a power grid.
As these GCCs are also spread in Tier II and Tier III cities, Irani said there will be a requirement of building an entire ecosystem around it including data centers, housing, technology centres, healthcare infrastructure, education facilities and entertainment centres.
“So I believe that there needs to be a new projection of the word real estate,” she said.
Also Read: Are Mumbai real estate prices moderating, giving homebuyers more room to negotiate?
“By the next four to five years, at least 18 million sq ft of area is needed only for data centres in India. So why should somebody presume that real estate is only about a gated community or a tall fancy building? Can we reorient how you looked upon as an industry?” Irani added.
Addressing CREDAI’s ‘New India Summit,’ the association’s national president, Boman Irani, said that around 50% of Indians will live in tier II, III, and IV cities, and therefore, new cities are needed for growth.
He said there will be a huge scope for real estate development across these smaller cities.
“We need to focus on sustainable development,” he asserted.
Irani mentioned frequent prohibitions on construction activities, especially during winter, in many major cities because of high pollution levels.
“There will be tremendous real estate development in Tier II and Tier III cities in coming years. We should not make mistakes we made in developing tier I cities,” he said. He also urged real estate developers to adopt sustainable building technologies on their own without waiting for government directives.
Also Read: MahaRERA puts grading of real estate projects in Maharashtra on hold
100 cities with more than 1 million population by 2050
According to Irani, by 2047 or 2050, India may have approximately 100 cities with more than 1 million people. If you have to talk about emerging cities, one needs to focus on emerging segments that are rural but will become urban—something that we need to identify.
According to Smriti Irani, by 2047 or 2050, India could have around 100 cities with populations exceeding 1 million. To focus on emerging cities, it’s crucial to identify current “rurban” segments that will eventually urbanize.
During the summit, CREDAI and Liases Foras, a real estate consultancy firm, also launched a report on 60 emerging cities in India.
According to the report, 44% of the 3,294 acres of land acquired by real estate developers in 2024 are in the emerging hubs of India’s Tier-2 and Tier-3 cities.
The report also highlighted that housing sales 2024 reached 681,138 units across 60 cities, marking a 23% year-on-year (Y-o-Y) increase. The primary developers’ market recorded a sales value of ₹7.5 trillion, reflecting a remarkable 43% Y-o-Y growth, driven by sustained demand across various segments.
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