There’s a new world construction hotbed coming down the pike (more specifically, the Mumbai Nashik Expressway), and it could mean a major boon for AEC firms.
Photo: Wili Hybrid via Wikimedia Commons
Move over, China. Step aside, USA. There’s a new world construction hotbed coming down the pike (more specifically, the Mumbai Nashik Expressway), and it could mean a major boon for AEC firms that are willing to invest the resources in this rapidly developing, yet still enigmatic, market.
India, the world’s seventh-largest economy (by GDP, U.S. dollars), is set to become the third-busiest construction market on the globe, according to a new report, Global Construction 2030,” from Global Construction Perspectives and Oxford Economics.
Bolstered by its booming population, rapid urbanization, healthy income growth, expanding middle class, and steady flow of foreign direct investment money into real estate, India is on pace to surpass Japan as the world’s third-largest construction market by 2021, and grow at twice the rate of China through 2030, according to the report.
The nation’s metro markets will add some 165 million people by 2030. Delhi alone will grow by 10.4 million during that period, making it the globe’s second-largest city (behind Tokyo). More than 90 million people have flocked to its cities during the last decade, resulting in the development of some 2,770 new cities. India has more than 7,930 cities, 53 of which have at least one million people (eight have five million plus).
The nation has a severe housing shortage (KPMG puts the deficit at 18.8 million units), much of its urban infrastructure is either underdeveloped or nonexistent, its younger population has a strong clamoring for retail and entertainment development, and there is growing demand for modern office space as its urban economies begin to mature.
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