World Trade Centers May Come Up In J&K, Northeast

The World Trade Centers Association (WTCA), which has exclusive rights to license its ‘World Trade Center’ and ‘WTC’ brands to real estate developers, businesses and communities, expects to set up such properties in Jammu & Kashmir and northeast India. The association said India is set to overtake China in the number of WTC properties. India has 32 WTCs while China has 40, but considering the scope of expansion, it is very possible that India will overtake China soon, according to Scott Wang, vice president, Asia Pacific, at WTCA. Despite the slowdown in India, there is demand and the country’s growth rate is already better than China’s over the past few years, he said. There are 332 WTCs across 89 countries at present. A WTC is usually a mixed-use development that offers commercial, residential, hospital, school and retail properties in one large complex. The organisation plans to expand in India’s northeast and is contemplating Jammu & Kashmir as an option. “Many state capitals don’t have WTCs and then we have smart cities. So, going forward, India is going to be the leader in WTC. We are also exploring northeast and Jammu & Kashmir,” said Khair Ull Nissa, executive director at WTC Noida, who is also a board member of WTCA. “If you look at the whole economy, at the moment, it’s a little bit of a downturn, but long term we are very, very positive on India. India is going to be even a bigger market as we move forward. And at the same time, we see some of the lagging of infrastructure that needs to be addressed,” said Wang.