The Indian Govt. launched the Smart Cities Mission in 2015 to renovate and retro lift urban Indian cities to make them more welcoming towards global citizens while also being sustainable. The initiative aims to build at least 100 such cities under the guidance and collaboration of the Union Ministry of Urban Development with respective State Governments. New developments require a new set of plans, and hence obviously real estate had to undergo evolution to match the fresh needs of smart-city.
In this blog, let’s see how the real estate market of a smart city will be impacted!
Firstly, Let’s Know The Characteristics Of A Smart City.
A Smart City is an urban area that combines technology, infrastructure and planning to make for a more advanced yet sustainable place. The ultimate aim of implementing smart cities would be to drive the economy towards prosperity and economic growth, which would improve the quality of life of the Indians through smarter solutions.
Impact On The Real Estate Market Of A Smart City
Risen demand for commercial places
Smart cities will call for more office spaces, especially since companies are attracting qualified youngsters from all places over the nation. Such people do want a good workstation, an organised set-up, and a healthy infrastructure to function at their full capacity. A lot of investment is expected to come in because office spaces with good parking and other such miscellaneous additions are going to be in high demand.
Increased private-public partnerships
Stronger partnerships between these two sectors will be instrumental in raising the necessary capital required to build smart cities. This will also ensure the efficient delivery of services and utilities. Indirectly, this will boost the pooling of capital by developers and private enterprises for creating joint ventures within smart cities.
High-quality affordable housing societies
In tabs with the Prime Minister’s PMAY scheme and the general aim to have “housing for all”, developers will be at full throttle to do the needful. This will be a huge boost to the real estate developers as well because a fresh demand for housing will arise. Homes which are functional, made with judicious use of land and other resources, have a dash of greenery around and other sustainable living conditions will be the main attraction in smart cities .
Better infrastructure
To meet the need for more development, the job openings in the real estate sector are expected to soar very high as infrastructure development requires manpower and labour. More residential and commercial spaces mean that more people will be required to plan, execute and build the same.
An increasing amount of green space in the cities
To accommodate people shifting to smart cities, the speed of construction will grow. To match the features of a smart city, there will be vigilant construction taking care of green areas. This means there will be lesser empty lands, less deforestation, and decreased degradation of green areas in the horizontal plane. As a result, urban areas may regain green space. The greens welcome more rain, better the air quality and channel it into the ecological cycle. Coupled with green architecture and affordable housing, smart cities play a catalyst role in giving an impetus to real estate in the country.
An increase in the price of land
Areas in and around or even well connected to proposed smart cities will soon start reflecting a rise. The best step under these circumstances will be to buy ready-made homes developed under trusted names.
Smart cities improve the quality of life and promote sustainable living in urban and semi-urban locations. More than one hundred smart cities have been identified in the county promising expansion of urban and semi-urban centres. Vadodara is amongst the 100 cities that were picked up from across the country for implementation of the Smart City projects. It’s the best time to invest in a space at Smart City. With improved infrastructure, amenities and connectivity, these cities promote not only housing but other assets such as employment, office space, shopping malls, hotels, health centres, educational institutions and service apartments and retail malls. Unlike old times, the newer generation is understanding that investing in a secure place at the right is an essential step that should be taken as soon as possible. Be it commercial or residential spaces, people are wanting to make a cautious choice and make judicious use of resources. If you too wish to invest in a smart city like Vadodara, go with an experienced name known for its goodwill. Our 3 BHK flats and 4BHK bungalows in Waghodia are some of the town’s best. Contact Kamlesh Gandhi Projects now and book a tour!