A “smart city” is a place with advanced information technology systems, outstanding urban design, and smart infrastructure. The Government of India announced its intention to create 90 “smart cities” in 2015. These cities will attempt to give people an effective and dependable infrastructure, a higher standard of living, and economic prospects. View the attributes of a smart city.
Features of a smart city:-
- Congestion, air pollution, and resource depletion will all be reduced in smart cities, resulting in more pedestrian-friendly areas. The project will also foster community connection, the local economy, and security.
- In projects built on the real planning of “unplanned areas” including a variety of appropriate activities, smart cities will encourage diverse land use.
- They will protect public spaces, parks, and landmarks, raise citizenry standards of living, and lessen the consequences of urban heat.
- They’ll encourage different forms of transportation even more.
- Making government more accessible to citizens would require the help of smart cities. The programme will contribute to increased accountability and transparency.
Smart city effects on the real estate market
The aforementioned attributes of a smart city can significantly increase real estate in metropolitan areas, which will help a country’s development. The Royal Institution of Chartered Surveyors (RICS) predicts that real estate-related areas would see the majority of spending on smart city projects. The top 20 smart cities in India have a total capital investment of Rs 48,220 crore. 89% of this sum will be used for energy, transportation, water management, and environmental projects.
- The aid of a contemporary infrastructure network will motivate the private broker to create better, global-class residential and commercial developments in the future.
- This will make it easier for private businesses and developers to pool their capital in joint ventures. Additionally, it will raise living standards, increase employment, and make investments in the real estate industry and economic growth.
- Because RERA is a part of the Smart Cities objewhich active, will lessen corruption and increase transparency.