Policy Designed to Bring Unified Vision to Urban Growth

Under the new policy, the Maharashtra Urban Development Department has empowered CIDCO (City and Industrial Development Corporation) and other planning authorities to implement concept-based and iconic development projects. This means large tracts of land will be developed according to a single plan, ensuring integrated infrastructure, seamless public spaces, and globally competitive urban environments.

Previously, developers individually undertook land development and infrastructure work after acquiring lease rights — resulting in inconsistent planning and implementation across different zones. The new model addresses this by designating a single Construction & Development Operator (CDO) for each project area, responsible for end-to-end development according to a unified masterplan.

Construction & Development Operator to Drive Change

The policy mandates a structured and transparent process for selecting a CDO through competitive bidding. The chosen operator will be responsible for:

• Preparing detailed master and infrastructure plans
• Completing construction within a structured timeframe
• Delivering identifiable milestones, including basic utilities and public facilities
• Marketing and selling developed units
• Maintaining infrastructure during the contract period

The total development timeline is spread over 20 years — with key targets such as 75% construction commencement by year 12, and full occupancy certification by year 20 — ensuring sustained focus on progress rather than sporadic building.

Strict Safeguards to Prevent Delays and Ensure Delivery

To make sure developers stick to the plan, the policy includes robust safeguards:

• Timeline targets: Specific stages must be completed within set periods — such as Certificate of Commencement (CC) and Occupancy Certificate (OC) targets
• Financial safeguards: Delays trigger penalties and advance revenue payments to authorities
• Land retention rules: Unbuilt land after project milestones can be reclaimed by the government
• Security deposit: Developers must provide a 10% fixed-fee deposit to guarantee performance

These measures aim to prevent projects from stalling — a common issue in unregulated development landscapes.

Theme-Based Iconic Development — Not Just Construction

A key feature of the policy is its emphasis on theme-based and iconic townships. Rather than random high-rise apartments, development areas will be designed with:

• Iconic architecture and public spaces
• Integrated residential and commercial zones
• Waterfronts, plazas, parks, and civic amenities
• Global-level infrastructure standards

The policy encourages high-quality planning that could include up to 15–25% of the area reserved for special theme elements, creating vibrant, world-class urban environments.

Transparent Two-Stage Bidding for CDO Selection

Project bidders will go through a clear two-stage process:

1. Technical Proposal: Shows design concept, planning capacity, and alignment with the iconic vision.
2. Financial Proposal: Covers revenue sharing, business model, and cash flow plans.

A committee will shortlist and evaluate bidders to ensure that selected CDOs have both the vision and the financial strength to deliver.

Revenue Sharing and Land Transfer Mechanism

Instead of outright selling plots, the policy allows CDOs to sell constructed units only after meeting development milestones. Revenue-sharing mechanisms ensure that CIDCO and other authorities receive their share before units are handed over to buyers.

Land for development will be transferred to the CDO phase-wise — and only if 75% of the previous phase’s construction and sale targets are met. This phased approach prevents stalled land parcels and promotes continuous progress.

A Move Toward Smart, Integrated Cities of Tomorrow

With this policy, the Maharashtra government is signaling a shift from unplanned, ad-hoc construction to coordinated, future-ready urban planning. By combining strict timelines, landmark design principles, and accountability measures, this new approach aims to deliver cities that are not only functional but also attractive and globally competitive.

This policy promises more than buildings — it envisions well-designed, sustainable, and dynamic urban spaces that reflect the aspirations of 21st-century city living.

Also Read: CIDCO Lottery receives so far 10K applications

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The sector, which currently contributes about 7% to the GDP, could account for 14–20% of India’s economy by 2047, making it one of the largest employment and growth engines under the Viksit Bharat – Amrit Kaal roadmap.

A Multi-Trillion Dollar Real Estate Future

India’s infrastructure expansion, urbanization, and demographic shifts are set to unleash a new wave of growth across housing, offices, retail, industrial, and emerging asset classes like senior living and data centers.

Key projections from the Colliers–CII report include:

• Market growth: From USD 0.3 trillion today to USD 5–10 trillion by 2047 — a 20X jump.
• GDP share: Real estate to contribute 14–20% of India’s GDP by 2047.
• Urban population: Around 40% of Indians will live in cities in the coming years.
• Office demand: To stabilize at 70–75 million sq ft annually, led by Global Capability Centers (GCCs).
• Warehousing demand: Expected to touch 30–40 million sq ft annually.
• Residential demand: Could double from 0.5 million to 1 million housing units per year by 2047.
• Retail expansion: Over 1,500 malls across Indian cities by 2047.
• Data centers: Capacity to grow from current levels to 10 GW by 2047.

Tier II & III Cities: The Next Real Estate Hotspots

Cities such as Lucknow, Kochi, Indore, Jaipur, Coimbatore, and Bhubaneswar are emerging as the new engines of real estate growth. Improved connectivity, expressways, and industrial corridors are transforming these smaller cities into vibrant economic hubs.

By 2047, India could have nearly 100 cities with over 1 million residents, driving both housing and commercial growth beyond metros.

“Expressways and industrial corridors are unlocking new growth corridors and transforming Tier II & III cities into future-ready urban centers,” said Harleen Kaur, Deputy Secretary, Ministry of Road Transport and Highways.

Residential Market to See a Mega Shift

Homebuyers can expect more choices, better quality, and diverse formats as the housing market evolves. The report predicts:

• Affordable and mid-segment housing will continue to dominate.
• Luxury and niche housing for HNIs and NRIs will rise in metros and holiday destinations.
• Redevelopment projects in Mumbai, Delhi NCR, and Bengaluru will redefine urban skylines.
• Wellness and senior-living projects will gain traction as India’s median age rises to 35–40 years.
• Plotted developments, villas, and spiritual city homes will appeal to end-users seeking lifestyle-driven housing.

“Policy measures like RERA, PMAY, and SWAMIH Fund have strengthened the housing ecosystem, improving transparency and access to financing,” said Pradeep Aggarwal, Chairman, Signature Global India Ltd.

Commercial, Industrial, and Retail Boom Ahead

The report highlights sustained momentum across commercial and industrial sectors:

• Office space: Grade A supply to cross 2 billion sq ft by 2047, powered by hybrid work and GCC demand.
• Warehousing: Stock to exceed 2 billion sq ft by 2047, driven by e-commerce, logistics, and manufacturing growth.
• Retail: Malls to evolve into lifestyle and experience destinations; Tier II cities to witness surging mall development and retail REITs will formalize the segment.

“Tier II cities like Coimbatore, Indore, and Kochi are emerging as dynamic commercial hubs,” said Badal Yagnik, CEO & MD, Colliers India.

Alternative Assets: The New Frontier

India’s real estate maturity will also be marked by explosive growth in emerging asset classes:

• Data centers: Expected to grow 10X by 2047, supported by AI, 5G, and digitalization.
• Senior living: Likely to expand 30X as life expectancy and nuclear families rise.
• Co-living spaces: Could grow 10X driven by the young workforce and flexible lifestyles.

These segments are already attracting strong institutional and foreign investor interest due to diversification and higher returns.

The Road to 2047: Building the Future of Urban India

India’s real estate story over the next two decades will be defined by:

• Rapid urbanization and infrastructure augmentation.
• Greater tech adoption and AI-driven planning.
• Shift toward sustainable and green buildings.
• Strong policy support and investor confidence.
• Balanced growth between metros and emerging cities.

As India moves toward its centenary year of independence, the sector’s expansion from USD 300 billion to up to USD 10 trillion will not only transform skylines but also create millions of jobs and new living paradigms for citizens.

Also Read: Affordable Housing Gets a Boost as Maharashtra Tweaks Sand Policy; Shorter Leases Aim to Curb Over-Extraction

The post India’s Real Estate to Become a ₹800 Lakh Crore Powerhouse by 2047 — Tier II Cities to Drive the Next Big Boom appeared first on Square Feat India.

A powerful new report titled “Rethinking City Redevelopment: Bold Strategies to Propel India’s Urban Future” has laid out a transformative vision for how India must rebuild its urban centres—by shifting from unchecked sprawl to inclusive, sustainable redevelopment.

Released by the Global Real Estate Strategy Forum (GRSF) in collaboration with Primus Partners, the report warns that traditional city-building models are no longer viable. India’s urban land is expanding 2.5x faster than its population growth, risking economic inefficiency, infrastructure breakdowns, and worsening inequality.

Aarti Harbhajanka: “We Must Craft Urban Spaces That Are Future-Ready”

In a compelling foreword, Aarti Harbhajanka, Managing Director of Primus Partners, emphasized the urgency of this shift.

“The redevelopment of our cities must align with evolving demands while preserving the socio-cultural fabric that defines India’s urban identity. From embracing green infrastructure to ensuring equity, we must craft cities that are resilient, inclusive, and future-ready,” she said.

Harbhajanka also called for collaborative governance and innovative financing to overcome roadblocks, adding:

“This vision is not just about infrastructure. It is about creating accessible spaces and economic opportunities for all.”

Urban India: Growing, but Fragile

India’s urban population is projected to cross 40% by 2030 and 52% by 2050. Yet cities are burdened with:

• 2.27 million dilapidated homes
• 65 million slum residents
• Annual losses of 5–8% of GDP due to inefficiencies

The report notes that many Indian cities, such as Pune, have expanded land-wise sevenfold over two decades without matching infrastructure, creating fragmented and unequal urban environments.

Key Recommendations: A Four-Pronged Strategy

1. Area-Based Redevelopment: Move from isolated projects to integrated, district-wide plans.
2. Affordable Rental Housing: Introduce FSI incentives and digital governance to generate mass-scale rental stock.
3. Comprehensive Planning + Private Sector Participation: Enable PPPs, land value capture, and planning frameworks that attract long-term capital.
4. Community Engagement: Institutionalize ward committees, consultations, and grievance redress mechanisms.

The report also includes a “Redevelopment Roadmap 2047” that targets:

• Zero sprawl and 100% resilient infrastructure
• Transit-oriented cities with 70% public transport share
• Mandatory affordable housing quotas
• AI-based predictive maintenance systems
• Widespread EV infrastructure and smart utilities

Lessons from Abroad, Grounded in India

Drawing inspiration from Singapore’s Housing Development Board, London’s Docklands regeneration, and São Paulo’s favela upgrades, the report calls for India to localize global best practices. Projects like Bhendi Bazaar in Mumbai and East Kidwai Nagar in Delhi are highlighted as domestic models of area-based transformation.

The Road Ahead

“We are now in an era where redevelopment is no longer a matter of choice—it’s an absolute necessity,” said Ranjit Naiknavare, President, CREDAI-Pune Metro, quoted in the report.
“Success depends on how inclusive, scalable, and people-centric our strategies are.”

The report makes it clear: India’s future cities must not only house more people—they must do so smarter, greener, and more fairly.

Also Read: Dharavi redevelopment project

The post “Redevelopment Must Be Inclusive, Sustainable”: New Report Charts Roadmap for India’s Urban Future appeared first on Square Feat India.

The report highlights the transformative potential of India’s real estate sector, with PropTech—technology-driven innovations in the real estate industry—expected to grow at a sustained pace. By 2047, PropTech is forecast to reach $600 billion, accounting for around 12-13% of the overall real estate market, a substantial increase from its current share of less than 5% of the $300 billion market.

Key technologies like Artificial Intelligence (AI), Internet of Things (IoT), and Building Information Modelling (BIM) are driving this growth by revolutionizing the real estate value chain. These innovations are enhancing operational efficiency, improving transparency, and fostering smarter urban planning, which aligns with India’s broader goal of achieving a $26 trillion GDP by 2047.

The real estate sector in India employs over 77 million people, or about 14-15% of the country’s workforce. As a critical pillar of the economy, it has the potential to play a central role in India’s rise as a developed nation. Infrastructure initiatives such as the National Infrastructure Pipeline (NIP) and PM Gati Shakti are expected to further boost the sector by unlocking opportunities across both metropolitan and emerging tier-II and tier-III cities like Indore, Surat, Jaipur, and Agra.

India’s young and growing population, along with a rapidly expanding middle class, will drive increased demand for housing and real estate investments. By 2047, India’s middle class is expected to surpass one billion, significantly boosting discretionary spending and housing demand.

CREDAI has called for several strategic reforms to support this growth, including granting “Industry Status” to the real estate sector. This would ease access to institutional financing and reduce borrowing costs for developers. The organization also recommends redefinition of affordable housing, raising the price threshold for affordable units from INR 45 lakh to INR 90 lakh, in response to rising costs of raw materials, inflation, and land prices, which have made current definitions financially unfeasible.

Furthermore, CREDAI advocates for flexible tax schemes to support developers, including offering the option to choose between different GST rates for residential and commercial projects. A new policy framework to streamline land acquisition and zoning, along with the development of satellite towns to reduce urban congestion, is also on the table.

Boman Irani, President of CREDAI, emphasized the sector’s pivotal role in India’s economic future: “Indian Real Estate finds itself at an extremely crucial and exciting junction—characterized by rapid urbanization, technological integration, and a strong focus on sustainability. We are firmly positioned to contribute to India’s robust economy as we march toward our mission of a ‘Viksit Bharat’ by 2047.”

Manoj Gaur, Chairman of CREDAI, highlighted the report’s findings as critical to India’s future growth: “By rethinking affordable housing parameters and focusing on planned satellite towns, we can address urban congestion, ensure balanced regional growth, and make housing more accessible to India’s growing middle class. Strategic policy interventions will unlock the full potential of the sector, helping India realize its aspirations as a developed economy.”

As India moves toward its goal of becoming a developed nation by 2047, the real estate sector is positioned to play a central role in shaping its future, driving economic growth, job creation, and urban development.

Also Read: CREDAI to Celebrate 25th Foundation Day in Delhi, Launch Groundbreaking Report on Real Estate’s Role in Viksit Bharat 2047

The post Indian Real Estate Sector Poised to Cross $4.8 Trillion by 2047, PropTech to Reach $600 Billion, Says CREDAI-EY Report appeared first on Square Feat India.

NAREDCO Maharashtra NextGen has partnered with Brigade Real Estate Accelerator Program (REAP) to strengthen PROPEL, a groundbreaking initiative designed to support emerging entrepreneurs in India’s real estate sector. The collaboration brings together NAREDCO’s expansive industry network and Brigade REAP’s expertise in scaling PropTech startups, creating a robust platform for innovation and growth in the real estate industry.

The partnership is set to be showcased at Excelerate 3.0, a premier event focused on advancing technology and innovation in real estate, scheduled for November 14, 2024, at Hotel Sahara Star, Mumbai.

Brigade REAP, one of India’s leading PropTech accelerators, has incubated a total of 76 startups, the highest in the country. Its Earth Fund, a ₹200 crore PropTech venture fund, further strengthens India’s largest ecosystem for PropTech innovation. With this partnership, PROPEL aims to empower the next generation of entrepreneurs with critical resources, including mentorship, funding, and strategic guidance.

Mr. Prashant Sharma, President of NAREDCO Maharashtra, highlighted the importance of this initiative in the evolving real estate landscape, stating, “India’s real estate sector stands at a pivotal moment, and the demand for innovation has never been higher. By partnering with Brigade REAP, we are ensuring that emerging entrepreneurs have access to not only the capital they need but also the strategic support to succeed in this fast-paced industry.”

Mr. Rajan Bandelkar, Vice Chairman of NAREDCO, further emphasized the role of PROPEL in shaping the future of urban development. “PROPEL is designed to create an ecosystem that fosters creativity, sustainability, and cutting-edge solutions to address the challenges posed by urbanization. With Brigade REAP’s support, we are offering both financial and strategic backing to startups, helping them tackle the evolving needs of the real estate market.”

Mr. Ridham Gada, President of NAREDCO NextGen Maharashtra, added, “We are thrilled to strengthen PROPEL through this collaboration with Brigade REAP. Their leadership in fostering PropTech innovation in India aligns perfectly with our shared vision of accelerating disruptive technologies in real estate.”

At Excelerate 3.0, PROPEL will be a central focus, with participants having the opportunity to pitch their ideas, gain exposure, and secure funding from a network of investors, including those associated with Brigade REAP. The event will also feature discussions on key topics such as smart cities, sustainability, and the application of artificial intelligence in real estate.

Through this partnership, PROPEL aims to provide startups with invaluable mentorship from industry leaders, access to funding, and opportunities to network with investors, developers, and other key stakeholders. Brigade REAP will also offer market insights, investment opportunities, and the expertise of seasoned PropTech mentors to help startups scale quickly and successfully.

This initiative by NAREDCO Maharashtra NextGen and Brigade REAP underscores a commitment to fostering innovation and positioning India as a global leader in real estate technology and sustainable urban development. As the country’s PropTech ecosystem continues to expand, PROPEL is poised to play a crucial role in driving the next wave of innovation in the real estate sector.

Also Read: NAREDCO Maharashtra NextGen Unveils Excelerate 3.0: A Vision for Innovation in Construction

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