Smart Cities Mission India to Boost Affordable Housing
Smart Cities Mission India that promises to transform the way our cities look, function and how we live. Launched in 2015, Government of India’s Smart cities Mission for 109 cities, aims to provide residents with an efficient and reliable infrastructure, enhanced quality of life and economic opportunities. 90 cities till now have been selected over four rounds.
Impact on Real Estate
The largest part of capital investment in smart city projects will be in areas related to real estate. The total proposed capital investment for the first 20 cities is Rs 48, 220 crore. Out of which 89% will be spent on building environment transportation, water and wastewater management and energy.
Smart Cities will create more job facilitating the economic development of urban centres.
More Affordable Homes
With allocation of land and capital, affordable home will receive a boost from the Smart Cities Mission. “The Housing for All” scheme targets 2 crore homes to be built across all urban locations over the next five years. As more homes are built for Lower Income Group (LIG), fresh demand will be created, energising the housing market.
Demand for commercial real estate
The office space market will be a direct beneficiary of improved infrastructure and connectivity promised by the Smart Cities initiative. Moreover, the development of smart cities will also push the demand for other asset classes such as hotels, service apartments and shopping malls.
Smart Cities in India
Here are five cities which hold a distinct advantage and can be safe bets for smart real estate investments:
A smart city is the result of the efforts of many stakeholders, working together in partnerships of different shape and form. Cities don’t become smart on their own or even overnight – they require a government that has vision and the will to make tough decisions, ably backed by municipal authorities and urban local bodies.
Source Link- http://www.thehindu.com/real-estate/the-smart-cities-of india/article19445207.ece