India has been making great strides in engineering and architecture, the product of which is visible in the form of infrastructural marvels being erected or built all across the nation. We are witnessing a palpable growth in roadways, railways, metros, waterways, revamp of airports and building of smart cities. Let’s take a look at 10 of the most exciting urban infrastructure projects underway right now.
1.GIFT City, Gujarat:
Gujarat International Finance Tec-City (GIFT) is going to be the biggest financial hub in India once it is upThe 600,000 crore project will host corporate and regional offices of companies, high-rise residential colonies and the best bit is that it is being designed to be eco-friendly with an energy-efficient cooling system replacing air-conditioning. It is exciting for the economy since it is also expected to generate over 10 lakh jobs over the 10 years since it has been under construction.
This project involves 35,000 km highway across 16 states and 9,000 km of economic corridors with the aim of connecting remote areas, shorelines, etc. It is expected to complete Phase 1 by 2022.
In a first, India is pushing for port-led development through this project. Recognizing the need for higher turnaround times and last-mile connectivity through ports, this project aims to modernize 12 major ports and 185 minor ports along the entire 7,500km coastline of India. With more than 500 projects under this programme, the timelines extend up to 2035.
4.Delhi Mumbai Industrial Corridor (DMIC):
This project involves two of the major cities of India: the capital city of Delhi and the financial hub of Mumbai. Delhi Mumbai Industrial Corridor is conceived to be developed as a Model Industrial Corridor of international standards with emphasis on expanding the manufacturing and services base and develop DMIC as the ‘Global Manufacturing and Trading Hub’. It encompasses 8 Industrial Cities in Phase 1 of the project across 6 states.
5.Dedicated Freight Corridor (DFC):
Currently, the same railway tracks are shared by passenger trains and goods trains. Under the project, 3,300 km “freight-only” Railway Tracks are being constructed for goods trains to improve its customer orientation and meet market needs more effectively. The building of DFC at this unprecedented scale will also drive industrial corridors. It will also address congestion and traffic issues: one freight train would equal 1300 trucks removed from roads.
6.Bullet Train (High-Speed Rail) on Mumbai-Ahmedabad route:
The thrill of this project is self-explanatory. NHSRCL is implementing the project of high-speed train corridor between Ahmedabad and Mumbai. The total length of the proposed High-Speed Railway Corridor works out to be 508.17 km.
7.INSTC (International North-South Trade Corridor):
INSTC includes shipping route from India’s Mumbai port to Bandar Abbas port in Iran and further connectivity to Europe and Russia, which is currently only by ship and will enter from Rotterdam port, Netherlands
8.Navi Mumbai Airport:
Navi Mumbai International Airport is being constructed with two parallel runways and a capacity to handle 80 flights per hour with 10 million passengers per year.
9.World One Tower:
This residential skyscraper project is located in Lower Parel, South Mumbai. At 442 metres high, it is an ambitious project by Lodha Group, designed by renowned architects, Pei Cobbs & Partners, across 117 floors and 290 luxury residential units.
10.Mumbai Trans Harbour Link:
Aimed at the decongestion of the crowded city of dreams, Mumbai, when completed, it would be the longest sea bridge in India. We have waited for four decades for this to materialize.
Real estate Markets are poised to benefit from the government’s policy push towards reforms,
The speedy completion of several of the infrastructure projects underway including the ones listed above, emphasis on affordable housing, enhanced usage of technology. In tandem with India’s spatial planning, housing projects like high-rise and serviced apartment complexes are soon going to be a reality. All these projects will further foster urbanization and lead to the creation of commercial and economic hubs, which makes them a great choice for your real estate destination. If you are planning to buy a home here, and the only thing deterring you is the finances involved, you will find respite in Home Loans available on Finserv MARKETS.
Not only is the home loan application process fast and smooth, but it also comes with the option of flexible repayment tenure. You can also make use of the home loan EMI calculator, an online tool by Bajaj Finserv available on Finserv MARKETS, which lets you provide / key-in certain inputs so that the inbuilt calculator can give you the exact amount you will need to shell out every month towards your home loan. Additionally, you get access to a property dossier that details legal and financial information pertaining to real estate ownership. No better way to own a home than with the knowledge of what it entails!
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