Modus Magazine India Map
Modus Magazine commissioned a cover illustration, the brief synopsis of the feature. Has India’s moment finally come, the brief was to make up the shape of India and incorporating the masthead of the magazine,
Despite India’s potential as one of the fast-growing “BRIC” powerhouses, it has so far underperformed as a destination for foreign investment. Bureaucracy and ongoing concerns about transparency and corruption have hampered both the real estate market and infrastructure development, with many projects on hold or abandoned and key pieces of legislation delayed. Frustration with the Congress Party’s handling of the economy was a decisive factor in the BJP’s landslide victory in May. New prime minister Narendra Modi stood on a ticket of economic reforms, removing red tape, urbanisation and infrastructure development – now he must deliver. This feature explores the challenges facing Modi, the reforms that would allow India to fulfil its economic promise, and the likelihood that he will succeed, with commentary from local property experts and RICS members.
Spread throughout this feature are first person pieces with leading surveyors across the country. India is one of the fastest-urbanising countries in the world – according to the UN, its cities will grow by almost 500 million people over the next four decades. So what does development at this extraordinary pace and scale feel like for those in the middle of it, and what contribution can land, property and construction professionals make? In this feature we meet RICS members (or recent graduates from the RICS School of Built Environment, Amity University) working across a range of disciplines in India. Points of discussion would include: their role in the country’s development; the challenges and opportunities that such rapid change brings; and their day-to-day experiences of India’s transformation – what’s it like to work in this exciting property market?
Shopping mall gloom
A decade or so ago shopping malls were all the rage in India. Hundreds of malls were rapidly constructed to cash in on the nation’s growing middle classes. But over the last couple of years, poor footfall, high vacancy levels and mismanagement has led to many closing their doors. So why has India fallen out of love with malls, and what is the property industry doing to reduce vacancy rates and bring redundant assets back to life?
Top 5 projects
We take a closer look at 5 projects currently underway across India:
• The Chenab Bridge
• Gujarat International Finance Tech-City (GIFT)
• World One Tower, Mumbai
• Chenani to Nashri Road Tunnel
• Koldam Power Project