The first phase of Delhi Mumbai Industrial Corridor (DMIC) will lead to the creation of five new cities along its various nodes, while benefitting urban centres such as Noida, Greater Noida, Gurgaon, Jaipur, Ahmedabad, Indore and Aurangabad, says a report by property consultancy Knight Frank India.
The new cities in the first phase will house a population of nearly four crore and would generate close to one crore jobs (direct and indirect), the report estimates.
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. This will lead to immense real estate development across verticals in and around the project areas. Increased job opportunities, coupled with a superior quality of life offered by these new cities, would provide a further boost to the migration of businesses and people to these cities,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.
Job creation along the DMIC is expected to fuel demand for residential, commercial and retail spaces. The consultancy estimates the first phase of the DMIC project to create a total residential built-up demand of around 800 crore sq ft, a total built-up commercial demand of around 25 crore sq ft, around 18,233 hotel rooms and a total retail space demand of around 90 lakh sq ft by 2040.
The government’s proposed Delhi-Mumbai Industrial Corridor passes through eight states and two union territories, covering approximately 436,485 sq km. The states falling in the DMIC zone include Uttarakhand, Delhi, Uttar Pradesh, Haryana, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra, while the union territories are Daman & Diu and Dadra & Nagar Haveli.