Colliers Research pegs the aggregate economic loss per annum due to infrastructure challenges at Rs 31.2 crore
The aggregate economic loss per annum from infrastructure challenges, as per Colliers Research is around Rs 31.20 crore. It is due to this reason that concepts of new urbanism that promote housing, workplace and shopping developments close to each other, should be encouraged.
As per Colliers Research, about 90 million sq ft of office space is under various stages of construction across India.
“The average one-way travel time for an office employee in Bangalore is around 45 minutes, which means that an employee spends one & half hours of non-productive time on the road. To address this pain point, Tier 1 developers are focusing on integrated developments. Some of the most successful examples of integrated developments are Prestige Shantinikatan and Brigade Metropolis in White Field, World Trade Center in Yeswanthpur and as per Colliers, more developers are aspiring to join the league”, says Goutam Chakraborty, Senior Director, Office Services (Bengaluru), Colliers International India.
Magarpatta city in Pune is also one such successful example of a sustainable development model integrated with commercial zone, residential developments, institutions, healthcare facilities and recreational spaces with best-in-class infrastructure.
“With the next generation workforce increasingly exposed to international standards and practices, they value jobs where commuting time is reduced, and better-quality life can be afforded by way of planned real estate development within not just the workplace but also the overall environment including transportation, social & civic amenities,” says Rishav Vij, Director, Office Services (Pune), Colliers International India.
In addition to this, Transit Oriented Development (TOD) trends should create a balanced land-use mix with residential developments along the transit corridor that help in achieving controlled developments within the cities. With a focus on creation of high density mixed-use development in the influence zone of transit stations i.e. within the walking distance of (500-800 m), TOD is likely to reduce the average travel time and expenses on transportation. TOD should also include provision for public spaces, organised parking and support pedestrians, bicyclists and non-motorized transport (NMT) users in cities.
With India witnessing a notable economic growth in recent years, Indian cities are growing at a rate faster than other cities in the world. According to Ministry of Urban Development (MoUD), the urban population in the country, which is nearly 377 million is poised to grow up to 600 million by 2030.
This rapid urbanisation coupled with increasing residential and commercial developments has led to various destructive consequences such as road traffic issues, increased pollution, flooding, public safety and accumulated pressure on existing infrastructure. This, in turn, is diluting the habitable quotient in the fast urbanising metro cities.While India's aggregate annual infrastructure investment amounts to 35 per cent of GDP, the government estimates that it requires USD 1.5 trillion in infrastructure investment over the next decade. Even this huge amount will probably only help bridge the infrastructure deficit rather than create room for future growth.