India's top cities hold 106 mn sq ft TOD real estate potential: CBRE

CBRE estimates 106 million sq ft TOD-linked real estate potential in India's top cities, with Delhi-NCR, Mumbai, and Chennai leading growth around major transit hubs

There is an opportunity to develop more than 106 million square feet of real estate across the country’s top eight cities, concentrated around major transit hubs such as metro stations, train stations, and inter-state bus terminals, according to CBRE South Asia.

 

The recent report Billions in Transit: Assessing the Impact of Transit Oriented Development on Indian Cities by the real estate consultancy noted that the Delhi-NCR region offers the highest potential for transit-oriented real estate development, estimated at 32 million square feet. This is driven by its rapidly expanding metro network, inter-state bus terminals, and city railway stations.

 

Anshuman Magazine, Chairman and CEO, India, South-East Asia, Middle East and Africa, CBRE, said, “TOD paves the way for vibrant, mixed-use communities that are not only commercially viable but also sustainable. 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. To fully realise this potential, however, challenges around land acquisition, financing, skill availability, and outdated land-use regulations need to be systematically addressed.”

   

Mumbai ranks second with 20 million square feet of potential, followed by Chennai at 13 million square feet, the report noted.

 

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

 

Transit-oriented development (TOD) encompasses both commercial and residential projects, along with dedicated spaces for walking, cycling, and seamless multi-modal transport integration around key transit hubs.

 

TOD corridors are also driving the growth of mixed-use ecosystems that blend residential, office, retail, and leisure spaces.

 

In Delhi-NCR, planned projects such as Dwarka ISBT, Aerocity ISBT, and Jewar International Airport, along with existing hubs such as Sarai Rohilla and Hindon Airport, offer high potential for TOD. In Mumbai, locations include railway stations such as Bandra and the upcoming Navi Mumbai International Airport.

 

In Chennai, hubs such as Chennai Airport, Maduravoyal Expressway, and Chennai Peripheral Ring Road are poised to unlock TOD-linked real estate. Additionally, states including Maharashtra, Delhi, Haryana, and Uttar Pradesh have introduced their own TOD policies.

 

Ram Chandnani, Managing Director, Leasing Services, CBRE India, said, “Transit-oriented development is fast emerging as a game-changer for India’s urban growth story. Developers are increasingly aligning with TOD principles to design integrated, live-work-play ecosystems that cater to the evolving needs of urban professionals. The model not only unlocks greater value for commercial developers but also enhances accessibility for homebuyers, drives higher footfalls for retailers, and improves operational efficiency for logistics operators.”

 

The report draws on global case studies to show how TOD integrates infrastructure with real estate while suggesting best practices for India.

 

CBRE’s recommendations include regulatory steps such as unified transport authorities and simplified rules, design measures such as flexible zoning and enhanced walkability, and financial tools such as land-value capture and recurring revenue streams to fund and sustain transit infrastructure.