India’s Smart Cities Mission will provide opportunities for high volume real estate development considering the highest chunk of the proposed capital investment in smart cities. About 89% of the capital investment has been allocated for built environment (urban development & housing, buildings, waterfront development etc.) transportation, water, wastewater management and energy. In line with several other initiatives in making India take a major leap in the race of development at a global level, the building of Smart Cities is definitely a rational decision taken by the Indian government towards its execution.
The smart cities project will be an amalgamation of commercial and residential projects in India, in close quarters. Evolution of these smart cities will increase the demand of work places as well as hotels, in addition to residential apartments and shopping malls. This project, along with real estate, also bring out many possibilities across sectors like Information Technology, architecture, interiors, and other application designers who will be contributing to the project.
There are a number of questions that arise with reference to the execution of this plan as the residents of the cities in India have already been facing a number of problems due to low maintenance and poor planning. The smart cities will not only make life simpler and much more comfortable to its residents but also will help us in efficiently utilizing our resources and give a next-level infrastructure to our future generations. With the implementation of information and communication technologies to develop more organized public services, it is even a big opportunity for the Real Estate sector because it is a very good investment for the investors with a long-term vision.
Though the concept of smart cities is relatively new in India and it is an ambitious plan to upgrade urban India but together we are well on the path to creating them. The government has planned to set up the concept of smart cities in Andhra Pradesh, Assam, Bihar, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Maharashtra, Manipur, Odisha, Punjab, Rajasthan, Sikkim, Tamil Nadu, Pondicherry, UP, Uttrakhand and West Bengal.
Initiatives such as Smart Cities Mission and Atal Mission for Rejuvenation and Urban Transformation are likely to improve the livability of tier II and tier III cities. These chosen cities exhibit a strong potential for development basis the economic activity, current and proposed infrastructure developments and expected government and private investments. They also present myriad opportunities for countries and global companies enabling them to look beyond tier 1 city. So it’s a great period to open a franchise of Regrob in these developing cities for a better lifestyle and the forthcoming benefits in this sector.
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