Metro Model Under Stress

While metropolitan regions contribute nearly 65% of India’s GDP, the report warns that they are reaching saturation—facing rising congestion, land constraints, ecological stress, and declining livability. With 30 people joining the urban population every minute, India’s current urban growth pattern is no longer sustainable.

The report also highlights a worrying fact: no Indian city ranks among the world’s top 350 urban economies, underscoring the urgency to create new centres of economic gravity.

85 Emerging Cities Identified as Growth Nodes

Primus Partners identifies 85 emerging urban centres across States and Union Territories that have strong demographic momentum, institutional readiness, and economic potential. These cities, the report notes, are poised to evolve into strategic engines of growth, reducing the overwhelming pressure on metros.

The Roadmap: Stronger Planning, Decentralised Economies, Empowered ULBs

The report proposes a comprehensive and integrated pathway for reshaping India’s urban future:

Key Recommendations

• Strengthen regional and spatial planning to ensure coordinated growth instead of fragmented development.
• Expand affordable housing and social infrastructure to absorb rising migration.
• Decentralise economic value chains to improve resilience across cities.
• Empower Urban Local Bodies (ULBs) with enhanced planning, regulatory, and delivery capacities.
• Develop allied towns and new economic anchors to attract talent, businesses, and innovation.

Expert Voices

Aarti Harbhajanka, Co-Founder & MD, Primus Partners, emphasised that India must create “several strong urban centres that are part of connected regional systems.” She stressed that governance and empowered local bodies will be the deciding factors in building balanced, citizen-centric cities.

Shubham Katyayan, Vice President, Primus Partners, highlighted the need for cities to become magnets for investment, talent, and innovation, driven not just by infrastructure but also by institutional capacity, skilled workers, and regional-level collaboration.

A New Urban Vision for India

The report argues that these 85 next-generation cities are not merely alternatives to metros but the foundation of a redesigned urban architecture that can support India’s rise as a global economic powerhouse by 2047.

By placing emerging cities at the centre of the development narrative, Beyond Urban Missions presents a compelling blueprint for a more inclusive, competitive, and opportunity-rich urban future.

Also Read: New Home Launches Dominate Sales in Top 7 Indian Cities in 2024

The post Beyond Urban Missions: New Report Urges Creation of 85 ‘Next-Gen Cities’ to Power India’s Viksit Bharat 2047 Vision appeared first on Square Feat India.

Despite changing lifestyles, growing urbanisation, and a rising gig economy, the Indian obsession with owning property remains as strong as ever. In fact, it’s evolving, with younger generations now buying homes not just to live in — but to earn from, pass on, and hold close as a symbol of identity.

This enduring love for real estate, experts say, is deeply tied to India’s socio-cultural values, family structures, and long-term financial behavior.

“Owning a home in India is not just a financial decision — it’s a deeply emotional and cultural milestone. It’s about legacy, pride, and a sense of arrival,” says Dr. Prashant Thakur, Regional Director & Head – Research, ANAROCK Group.

Legacy over Liquidity

For many Indian families, property remains the only real form of generational wealth. Ancestral homes are often cherished for decades, even centuries, becoming part of the family’s identity.

In Kolkata’s Shobha Bazar, a 120-year-old mansion still houses five generations. The owners have refused redevelopment offers, saying the home is their “living history.”

A 2023 ANAROCK report found that 68% of Indian homebuyers are end-users, and 80% plan to pass on their property to their children, underscoring that homeownership here is as much about legacy as it is about investment.

Renting Still Seen as a Stopgap

While renting is a lifestyle choice in many Western countries, in India it is often viewed as a temporary solution — or even a wasteful expense.

A 2022 RBI survey showed that 77% of household wealth in India is in real estate, compared to just 35% in the US. For most Indians, paying rent is considered “money lost,” while EMIs are seen as equity in progress.

Take Rajat, a 32-year-old software engineer in Pune. Despite having company-sponsored housing, he chose to buy a ₹1 crore apartment. “Renting feels like a leak. At least an EMI is building something for me,” he said.

The Safe Bet Mindset

Indians have long viewed real estate as a safer investment compared to volatile alternatives like stocks, mutual funds, or crypto.

During the 2008 global financial crisis, while global property markets tanked, prices in India’s top cities remained largely stable. The COVID-19 pandemic also saw a quick rebound in the Indian housing sector — by 2023, over 4.76 lakh units were sold across the top cities.

“Unlike other investment classes, real estate is tangible, slow-moving, and emotionally satisfying — all key factors for the Indian buyer,” says Dr. Thakur.

Policy Support and the Power of EMIs

Government incentives have also played a pivotal role in promoting homeownership. Tax benefits, interest subsidies, and favourable GST rates on affordable housing have made buying more accessible.

Key initiatives include:

• Tax deductions under Sections 80C and 24(b) (recently increased to ₹3 lakh for interest repayment)
• 1% GST on under-construction affordable homes
• Subsidies under PMAY-CLSS, with interest benefits up to 6.5%
• Stamp duty rebates for first-time buyers in several states

These schemes, along with relatively easy loan access, have led to strong uptake. According to SBI, over 70% of its 2023 home loan portfolio was to salaried individuals aged 30–45 — mostly first-time buyers.

Social Status and Matrimonial Market Value

Homeownership is often tied to social perception. In matchmaking and societal interactions, owning property is seen as a mark of stability and success.

A marketing professional in Delhi NCR noted that when he updated his matrimonial profile to include “2BHK owner in Gurgaon,” responses noticeably improved.

Urbanisation and FOMO

As India rapidly urbanises — with urban population projected to hit 42% by 2035 — property prices are soaring. This has triggered a Fear of Missing Out (FOMO), especially among younger buyers who fear being “priced out” of the market.

In Mumbai, average ticket sizes have jumped from ₹1.5 crore in 2020 to ₹2.15 crore in 2024, according to ANAROCK.

Homes as Income Engines

Unlike previous generations, today’s buyers aren’t just looking for a place to live — they’re looking to earn. From renting spare rooms on Airbnb to investing in co-living or commercial spaces, homes have become income-generating assets.

Platforms like Strata and hBits are enabling fractional ownership in commercial real estate, attracting HNIs and NRIs with entry points of ₹10–25 lakh and returns of 8–10% annually.

Conclusion: More Than Bricks and Mortar

Real estate in India isn’t merely about square footage. It’s about security, belonging, and ambition — and often, the culmination of a lifelong dream.

“In India, buying a home is not a transaction — it’s a statement,” Dr. Thakur concludes. “It’s how we define stability, express success, and plan for future generations. It’s our story, written one EMI at a time.”

Also Read: MahaRERA Issues Guidelines to Ensure Safe Home Buying Practices

The post Rooted in Realty: Why Indians Still Put Their Heart into Homeownership appeared first on Square Feat India.