The first phase of the Delhi-Mumbai Industrial Corridor (DMIC) will lead to the creation of five new cities along its various nodes and the urban centres that will benefit through the first phase are Noida, Greater Noida, Gurgaon, Manesar, Jaipur, Ahmedabad, Indore and Aurangabad.
These are amongst the key findings of a comprehensive study on the DMIC released by Knight Frank India.
The report, which is the first in a series of studies undertaken by the company, will serve as a ready reckoner for all stakeholders and as well as those who wish to get an idea of the possible impact of the DMIC on the districts of Ahmedabad, Vadodara and Surat.
Amongst the takeaways of the report is that close to two crore jobs (direct and indirect) will be created by the seven nodes in the first phase. Assuming there are four members per household, the new cities in the first phase will house a population of nearly four crore.
Built-up demand Providing a snapshot on the impact on real estate by the first phase of the DMIC (figures estimated till 2040) the report says that the total residential built-up demand will be 800 crore sq ft, while the total built-up commercial demand will be 251,622,000 sq ft. The total number of hotel rooms will be 18,233.
In a statement, Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “A total of 24 nodes have been planned along the entire stretch of the DMIC. Once all the phases of the project are completed, job creation along the DMIC will be unprecedented. The resultant effects of this astronomical job creation will lead to immense real estate development across verticals in and around the project areas. As these new urban agglomerations take shape, they will also attract interest from other sectors of the economy. Increased job opportunities, coupled with a superior quality of life offered by these new cities, would provide boost to the migration of businesses and people to these cities.”
Restricted focus Samantak Das, National Director & Chief Economist, Knight Frank India, added, “There is no denying the fact that the DMIC and other corridors will have a major impact on real estate. However, for the purpose of this study, we have restricted the focus to the impact of the DMIC along its influence area in its first phase. According to our study, there will be a rub-off effect of the implementation of DMIC initiatives on the smaller urban centres in proximity of the respective nodes and going forward, these are expected to grow at a faster rate than the present-day major urban centres.”