How Vadodara’s Smart City Status Makes It A Favourable Investment Market
The promise of a smart city makes Vadodara an attractive place to buy a property, be it commercial or residential. Why? The demand for residential and commercial spaces is expected to rise in the 100 smart cities that the government has taken under its wing and Vadodara will be no exception. Purchasing a property in the initial stages of development of a residential/commercial project will most likely get you some really great early bird offers and thus make investing in real estate even more affordable.
The Smart Cities Mission is an innovative and new initiative by the Government of India to drive economic growth and improve the quality of life of people by enabling local development and harnessing technology as a means to create smart outcomes for citizens.
- Source: www.India.gov.in
Like most Tier-II cities in India, Vadodara is expanding rapidly. The city is gearing up for a big change through the addition of seven villages within the limits of Vadodara Municipal Corporation. The list of these villages includes Bhayli, Bil, Karodiya, Sevasi, Undera, Vadadla, and Vemali. This means a population rise of around 2 lakh people and around 40 square kilometers of land will be added to Vadodara Municipal Corporation. Residents residing in these areas or citizens who already have developing schemes in some of these villages like Bhayali and Sevasi rejoiced upon hearing the news.
This initiative was undertaken to comply with Prime Minister Narendra Modi’s push for urbanization in India. The central government is shelling out big bucks for the development of these 100 smart cities. Vadodara is fortunate enough to be one of them where most urban, progressive, and state-of-the-art facilities will be made available to its citizens.
Such involvement of the government in urban development will ensure the promotion of mixed land use for residential, commercial, industrial, and conservation purposes, which in turn will impact the valuation of land and yield higher rental incomes in Vadodara. Further, the government will provide necessary services like water supply, drainage, electricity supply, and transportation to make the city more citizen-friendly and investment-friendly.
Investing in a saturated market is expensive, yields lower-income, and not to mention the cut-throat competition that you have to battle. Investing in markets that are fast developing and are on the government’s radar are guaranteed to get you a good return on your investment and that too, soon!