Major question come in India that how smart cities will impact the Indian real estate? The growth of a Smart Cities can give way to massive opportunities to the real estate market. The tech sector is in full bloom, so developing districts and supporting businesses in this segment will create jobs and attract professionals, which means housing demands will increase.
Impact of Smart Cities on Indian Real Estate
Population growth will have the same effect. Who wouldn’t want to move to a city with high-paying jobs, great public transportation, efficient communication with officials and modern resident services? Growing the standard of living comes naturally from smart cities.
Another aspect is that smart cities have lower operating costs, which means significant amounts of money can be redirected to other projects in real estate. Finding additional resources to invest in the city is always great news for developers who often use area amenities to market their properties. Cities applying new technologies or policies for a better quality of life will always be relevant, that attracts capital from real estate investors. A smart city project, along with real estate, also entails many possibilities across sectors like Information Technology, architecture, interiors, and other application designers who will be a part of the project.
Developers will get an amazing opportunity to offer new projects in the upcoming smart cities which boost the regional, social and economic infrastructure. Presently, the real estate sector contributes about 7% to India’s GDP. With the vision of building 100 smart cities, many expect this share to increase to 10-12 percent by 2030.
Smart cities will not only improve the quality of life for millions of Indians, but also create more jobs facilitating economic development and thus, more investment in real estate. It will also jump start to a capital from private enterprises and developers in real estate, towards joint ventures within the smart cities. The Smart Cities Mission is being accompanied by simple and transparent real estate transactions like RERA. This will facilitate lesser corruption and better transactions in real estate. If the government policies are favorable, many real estate companies within and outside India will invest in the future smart cities projects. This move will help bring a phenomenal growth in promoting modern living for the Indian community. It is a win-win situation for all!
India needs to have smart cities in order to speed up the development. Since India is a developing country, the creation of smart cities will help the nation eradicate some of the major issues like poverty, poor infrastructural amenities, unemployment, hygiene, etc., which will help India attain a valued position at a global level.
Apart from the Smart city project, many renowned real estate developers are also lending a helping hand in order to achieve this objective. For instance, Dholera Metro City is one such township project in Dholera that provides its residents with all the features of a smart city which not only offers them with a better lifestyle, but also contributes towards the Smart city project considerably.
You might also like the videos of upcoming smart city Dholera SIR
Watch this video till end and you can get the proper information regarding impact of smart city on real estate.
Source: quora.com
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