Pressed for land, Singaporean developers explore growing Indian cities
Pressed for land, Singaporean developers explore growing Indian cities
From Millennium City to mountain towns, India’s cities are piquing interest
With India urbanising fast, Singaporean developers are taking their projects away from the land-scarce city-state and into the subcontinent’s ever-multiplying cities.
Ascendas-Singbridge, a developer affiliated with the Singaporean government, recently revealed a renewed interest in building homes and offices for India’s growing populace, the Nikkei Asian Review reported. Many young, IT-savvy people are migrating to Indian cities, said Manohar Khiatani, Ascendas-Singbridge’s deputy group CEO, at a seminar in Tokyo on Wednesday.
“We are quite positive about the Indian market, and we will continue to invest there,” he said. “More people are moving to cities, and there will be a strong demand for real estate.”
Ascendas-Singbridge has earmarked Gurgaon, India’s ‘Millennium City,’ for an IT park.
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Other Singaporean developers are heading for India’s hill towns. The Himachal Pradesh Housing and Urban Development Authority recently struck an agreement with Asia Pacific Singapore Enterprise to develop an integrated township, Greater Shimla, outside the eponymous mountain town.
By 2030, India’s population will have grown so large that its real estate and construction sector will become the third largest on earth, according to a background paper recently published by KPMG and India’s National Real Estate Development Council. The brisk growth of urban areas in the country has led the Union government to roll out the Smart Cities mission with the aim of making them more sustainable.
Ascendas-Singbridge expects the urban populace in Asia to increase to 3.3 billion by 2050. Singapore’s population is set to reach at least 6.5 million in 2030, boding more demand for land reclamation projects for the 719.1-square-kilometre city-state.
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Source: Property Report