SMART Cities a Launch pad for Real estate growth in India

With Digital India and Make in India Schemes Showing positive results in the growth of the Indian Economy the Modi Administration has initiated to Embark upon the next Ambitious Project to construct “SMART CITIES” across the country. 

What you should know about smart Cities?

It is estimated that in a minute 25-30 people in India migrate to Metropolitan cities in search of quality lifestyle at this momentum about 800 million people are expected to move to urban areas by 2050.

With a vision to foster Urbanization combined with technology government has taken the initiative to develop 100 other cities which are equivalent to metropolitan cities across the country, which will be referred to as smart cities. 

SMART CITY AND REAL ESTATE

To commence construction of smart cities it requires the appropriate use of technology and funding and implementing a well developed urban and infrastructure planning. With the approved budget of Rs 98000 crore by the Indian cabinet about 89% as per RICS (Royal institution of chartered surveyors) of the total budget is spent on property, infrastructure, housing and waste water management which will boost real estate market and encourage people to buy Houses at affordable prices. It is expected to provide employment opportunities and promote urbanization. This is expected to bolster real estate market in the following avenues.

·         Affordable housing

With allocation of land and capital about 2 crore homes will be built across all the urban locations over the next five years as more home are built this will energize  the housing market.

·         RERA coming to the aid of buyers

With the implementation of RERA (Real estate regulation Act 2016) effective since May 2017 that favors transparent real estate transactions will encourage buyers to explore and search for affordable properties across the cities.

·         Improved quality of life

With High quality infrastructure in place that facilitates economic development this will generate more employment opportunities and improve standard of living for people.

·         Smart City Mission is expected to provide sufficient water supply with aided with 24 hrs electricity

·         Introduction of good governance and e-governance along with active participation by citizens to ensure cordial relationship with the government.

·         Smart cities look to provide safety and security for women, children and senior citizens.

·         In addition to this Smart cities also ensure to maintain State of the art health facilities and provide holistic education for children.

·         It ensures A Robust IT Connectivity and digitalization.

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