Delhi-NCR leads as India's top 4 cities corner 72% of 106 mn. sq. ft. transit-oriented development opportunity

India's top four cities — Delhi-NCR, Mumbai, Chennai, and Kolkata —account for around 72% of the total 106 mn. sq. ft. real estate development potential within the transit nodes across top cities, with Delhi-NCR leading the pack.

Real estate consultancy major CBRE's latest report 'Billions in Transit: Assessing the Impact of Transit Oriented Development on Indian Cities’ highlights over 106 million square feet of real estate within these major transit nodes across the country's top eight cities. Transit nodes are a big part of urban development as they form a big chunk of infrastructure around transport hubs like metro stations, railway stations, bus terminals, and airports.

The Delhi-NCR region has shown the highest potential for transit-oriented real estate development, estimated at 32 million sq. ft., driven by the region's expanding metro system, ISBTs, and city railway stations. Mumbai holds the second-highest potential at 20 million sq. ft., followed by Chennai, with an estimated 13 million sq. ft., according to the report.

Other key cities such as Hyderabad, Kolkata, Chennai, Ahmedabad and Pune are also seeing Transit Oriented Development (TOD)-linked real estate activity, though at different scales, as mass transit networks expand.

“TOD paves the way for vibrant, mixed-use communities that are not only commercially viable but also sustainable and livable. As metro networks and transport hubs continue to expand across urban India, TOD will play a pivotal role in shaping inclusive, accessible, and future-ready cities,” says Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE.

TOD includes both commercial and residential projects, alongside spaces for activities such as walking and cycling, and spots offering multi-modal transport integration designed around major transport hubs. TOD corridors are also accelerating the rise of mixed-use ecosystems, integrating residential, office, retail, and leisure spaces, reducing commute times and supporting compact, connected growth.

In Delhi-NCR, planned projects such as Dwarka ISBT, Aerocity ISBT, and Jewar International Airport, and existing hubs such as Sarai Rohilla and Hindon Airport, offer high potential for TOD.

In Mumbai, these places include railway stations like Bandra, Dadar, Mumbai CST and the upcoming Navi Mumbai International Airport. Moreover, hubs such as Chennai Airport, Maduravoyal Expressway and Chennai Peripheral Ring Road can unlock potential transit-oriented real estate.

On the expected timeline for this opportunity to actually translate into on-ground development, Magazine told Fortune India that it would depend on how fast the transit hubs develop in major cities and relevant policy interventions are made. "If policies are swiftly implemented across states, accompanied by incentives such as relaxed FSI norms, streamlined approval processes, and innovative financing models like public-private partnerships, this vision can take shape rapidly."

Developers see TOD as a catalyst for building future-ready cities

Real estate stakeholders also believe TOD can act as a catalyst for shaping sustainable, and future-ready cities, and that Delhi-NCR is rightly positioned to leverage the massive opportunity. "As India embraces the next phase of urban transformation, TOD stands out as a catalyst for shaping sustainable, future-ready cities. With Delhi-NCR leading this shift, TOD has the power to redefine how people live, work, and connect by reducing commute times, fostering walkable ecosystems, and creating vibrant mixed-use corridors," Yash Garg, Director, M3M Noida told Fortune India.

He adds that for the real estate industry, the focus must be on collaboration, innovation, and policy alignment to unlock this transformative opportunity. "By aligning regulatory reforms, like forming a unified transport authority, with infrastructure growth, India has the opportunity to unlock this TOD potential."

Sudeep Bhatt, Director Strategy at Gurugram-based Whiteland Corporation says public transportation isn’t just about moving people, but building integrated, sustainable communities around them. "The staggering 32 million sq. ft. potential in Delhi-NCR alone shows us that the future of urban living lies in creating vibrant, walkable ecosystems where everything from home to offices is a walk away from transit hubs."

National Capital Region Transport Corporation (NCRTC), a joint venture of the government of India and states of Delhi, Haryana, Rajasthan and Uttar Pradesh, works in the area of sustainable urban development through better connectivity and access. Shalabh Goel, Managing Director of NCRTC, says the company is harnessing the potential of TOD in the region in a big way. “When the Namo Bharat project was conceptualised, one of the aims was to enable polycentric development in the National Capital Region and with the commissioning of the 55 km section of the first corridor, we are finally witnessing its impact."