Prime Minister Narendra Modi’s smart city project has created quite a buzz in the country. Recently, the names of 20 cities to be earmarked as ‘smart cities’ were announced by the government and the execution part will roll out soon enough. The government plans to use these smart cities as propellers of urban development in the country. India is only 31% urbanized which is much lesser than other developed or developing countries. China is 54% urbanized and Brazil almost 90%.
Real estate market players are very optimistic about the smart city projects of India. It would provide immense opportunity for the development of real estate projects- both commercial and residential- across these urban clusters. Especially affordable housing will get a boost as more residential options will be needed in and around these growth corridors. ‘Housing for all’ and ‘affordable housing’ are already the two priorities for the government and smart cities will give these plans more impetus.
As reported by the Economic Times, Cushman and Wakefield MD Sanjay Dutt said that the smart cities will act as showcases of high-quality infrastructure development in India. Besides a new plan in place, smart cities will also require large-scale redevelopment and retrofitting. They will also boost the economic activity of the country and it is estimated that by 2025, 71% of the increased GDP of India will be contributed by these newly developed urban clusters.
Smart cities focus on a better infrastructure in keeping with the sustainability feature. Improving the lifestyle of our urban population is the main aim of the government. The idea behind these cities is to involve the core urban population in the overall development of the country. This is known as the ‘bottoms up’ approach, a term coined in the foreign nations.
Pune, Bhubaneshwar, Ahmedabad, Bhopal, Chennai, Guwahati, Davanagere, Kochi, Jabalpur, Belagavi, Visakhapatnam, Surat, Solapur, Indore, Jaipur, Coimbatore, Kakinada, Udaipur and Ludhiana are the 20 cities across the country that are shortlisted to be developed as smart cities. Ample power and water supply, centrally managed solid waste management mechanism, smart traffic management, IT connectivity, e-governance and efficient urban mobility are a few main aspects of smart city development, among many.
As the picture of smart cities in India takes shape, it would not only improve the location but the state in entirety. For example, the coming up of Pune as a smart city will improve the economic activity in the whole of Maharashtra. Due to a shiny bright future, real estate development companies see a bundle of opportunities in these cities.
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