Indian economy has seen growth and relaxation since 90’s. Indian cities have seen accelerated economic and social growth. This has attracted more and more people from all parts of the country. The urban cities of our country are now facing problems like overpopulation and tight infrastructure. It has affected the quality of life. To solve the problems of the country the government should use all its technologies. It will release the true potential of our country as centers of opportunity.
Now India’s smart city project will provide great opportunities for real estate development considering the highest amount of the proposed capital investment in smart cities. A city with cutting-edge urban planning, smart infrastructure and replete with systems running on the latest information technologies. This dream could turn into reality with the Smart Cities Mission. It promises to transform the way our cities look, function and how we live.
In the last one year, Smart Cities project has been one of the most talked about plans in India. And indeed, its evolution has been quite laudable as compared to many other projects in the country. After nominations from cities, the central government finally unveiled the list of 98 cities that will become as smart cities. From the list it is clear that the government has made a sincere attempt to keep a fair mix of urban, semi-urban, financial and tourist spots.
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, besides residential apartments and shopping malls. This project will bring great opportunities for real estate sectors. There will be great opportunities for sectors like Information Technology, architecture, interiors, and other application designers who will be contributing to the project. Smart cities will improve the quality of life and give a major fillip to the real estate in urban locations.
Key Developments so far:
- 98 Smart Cities that account for 35% of India’s urban population.
- 24 are capitals, 24 are business hubs, and 18 are cultural centers and tourism cities and 5 port cities.
- About 64 Smart Cities are small town and cities while 34 are larger ones.
- Patna, Bangalore, Kolkata and Shimla have failed to make the cut in round one and there is a tie up between Bareilly and Meerut.
- 13 cities from UP, 12 from Tamil Nadu, 10 from Maharashtra, 7 from MP, 3 each from Bihar and Andhra Pradesh included in smart cities list.
As from real estate point of view this mission will give huge opportunities.
High Quality Infrastructure: Smart city provide well-developed infrastructure to attract the several MNCs. Industrialization of these smart cities will generate more employment opportunities for people.
More Affordable Homes: The smart cities project will divide enough land and housing for low income groups (LIGs) thereby increasing the demand for realty in the country.
Good Investment Options: Smart cities also offer an excellent investment options with a sustainable scope for price appreciation, especially for a long term investment purview.
Commercial real estate: The smart cities project will be the combination of commercial and residential projects in India. Evolution of these smart cities will push the demand of office spaces as well as hotels, also to service apartments and shopping malls. A smart city project, along with real estate, also provide many possibilities across sectors like Information Technology, architecture, interiors, and other application designers who will be a part of the project.
More Opportunities for Developers: The new projects will get launch by developers. It will increase the social and economic growth of the country. The real estate sector contributes about 6% to India’s GDP. With the vision of building 100 smart cities, many expect this share to increase to 10-12 percent by 2022.
Projects such as Smart Cities Mission are likely to improve the livability of tier II and tier III cities. 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.