{"id":7949,"date":"2018-03-22T15:21:17","date_gmt":"2018-03-22T09:51:17","guid":{"rendered":"http:\/\/apartmentadda.com\/blog\/?p=7949"},"modified":"2020-02-10T06:55:11","modified_gmt":"2020-02-10T06:55:11","slug":"smart-city-mission-in-india-and-its-impact-on-real-estate","status":"publish","type":"post","link":"https:\/\/adda.io\/blog\/2018\/03\/smart-city-mission-in-india-and-its-impact-on-real-estate\/","title":{"rendered":"Smart City Mission In India And Its Impact On Real Estate"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">What differentiates a city like Dubai from cities found in India? Better planning, better infrastructure, more jobs and efficient administration systems that make use of the latest technology. Well, good news, such cities are now going to be set up right here in our nation. The Indian Govt. has launched the <a href=\"http:\/\/smartcities.gov.in\/content\/\" target=\"_blank\" rel=\"noopener noreferrer\">Smart Cities mission<\/a> to renovate and retro lift urban Indian cities to make them more friendly towards global citizens while also being sustainable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The initiative, which was first introduced in 2015 aims to build at least 100 such cities under the guidance and collaboration of Union Ministry of Urban Development with respective State Governments. As of 2018, 99 cities have already been picked to be upgraded to <a href=\"http:\/\/smartcities.gov.in\/content\/innerpage\/smart-city-features.php\" target=\"_blank\" rel=\"noopener noreferrer\">Smart City standards<\/a> by the Govt. This is set to be a 5-year-old program and the results of the development are expected to start showing by 2022.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ea51e4dbf22\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ea51e4dbf22\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/adda.io\/blog\/2018\/03\/smart-city-mission-in-india-and-its-impact-on-real-estate\/#What_Are_The_Characteristics_Of_A_Smart_City\" >What Are The Characteristics Of A Smart City?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/adda.io\/blog\/2018\/03\/smart-city-mission-in-india-and-its-impact-on-real-estate\/#Will_Introduction_Of_Smart_Cities_Affect_The_Indian_Real_Estate_Space\" >Will Introduction Of Smart Cities Affect The Indian Real Estate Space?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/adda.io\/blog\/2018\/03\/smart-city-mission-in-india-and-its-impact-on-real-estate\/#Smart_City_and_its_Potential_Impact_On_Real_Estate\" >Smart City and its Potential Impact On Real Estate<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/adda.io\/blog\/2018\/03\/smart-city-mission-in-india-and-its-impact-on-real-estate\/#1_Higher_demand_for_commercial_real_estate\" >1. Higher demand for commercial real estate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/adda.io\/blog\/2018\/03\/smart-city-mission-in-india-and-its-impact-on-real-estate\/#2_Enhance_private-public_partnerships\" >2. Enhance private-public partnerships<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/adda.io\/blog\/2018\/03\/smart-city-mission-in-india-and-its-impact-on-real-estate\/#3_Improved_and_affordable_housing_schemes\" >3. Improved and affordable housing schemes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/adda.io\/blog\/2018\/03\/smart-city-mission-in-india-and-its-impact-on-real-estate\/#4_Improved_Infrastructure\" >4. Improved Infrastructure<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/adda.io\/blog\/2018\/03\/smart-city-mission-in-india-and-its-impact-on-real-estate\/#Stay_Updated_With_ADDA\" >Stay Updated With ADDA<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_The_Characteristics_Of_A_Smart_City\"><\/span><span style=\"font-weight: 400;\">What Are The Characteristics Of A Smart City?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As mentioned before, a Smart City is an urban area that combines technology, infrastructure and planning to make for a more citizen-friendly and sustainable place. Upon completion of development, here are some of the core features that the infrastructure of a smart city would encompass.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Dependable and adequate power supply<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Adequate clean water supply<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Efficient sanitation and waste management systems<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Reliable public transport and urban mobility<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Accessible and efficient health and education systems<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Efficient security and safety measures, especially for women and children<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Affordable housing options for all the citizens<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A sustainable environment<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Solid governance, in particular, e-governance<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Good IT connectivity and digitization of administration systems<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The ultimate aim of implementing smart cities would be to drive the economy towards prosperity and economic growth in turn which would not only improve the quality of life of the Indian people, but would also harness technology for smarter solutions. <\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Will_Introduction_Of_Smart_Cities_Affect_The_Indian_Real_Estate_Space\"><\/span>Will Introduction Of Smart Cities Affect The Indian Real Estate Space?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">To understand this, we first need to briefly understand how our Govt. plans to go about implementing smart cities. As of now, the Govt. strategy to build such cities consist of the following for independent steps<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Retrofitting: Which involves the introduction of better planning in an already built up area and implementing visions which will help make the area achieve smart city parameters.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Redevelopment: This method involves replacing an already built up area with elements that allow the creation of a new layout that supports smart city goals.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Greenfield development: This is applying a combination of the above two steps to set up a smart city in a vacant or underdeveloped area. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pan-city development: This envisages the applications of select smart solutions to an already existing infrastructure. This largely includes application of technology to make current systems and solutions better.<\/span><\/li>\n<\/ul>\n<p>As you can see, all of the above will require planning, execution and ultimately building of residential and commercial structures, which is fundamentally what the real estate sector exists for. Since smart cities are aimed at improving the quality of life and maybe even at putting India on the world map as a role model, the Govt is working tirelessly to make sure they are executed well. This is undoubtedly going to give a huge boost to the Indian real estate sector.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Smart_City_and_its_Potential_Impact_On_Real_Estate\"><\/span><span style=\"font-weight: 400;\">Smart City and its Potential Impact On Real Estate<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As per the experts, smart cities will have a \u201cmulti-prong\u201d impact on the real estate industry in the following ways.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Higher_demand_for_commercial_real_estate\"><\/span><span style=\"font-weight: 400;\">1. Higher demand for commercial real estate<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This one takes the spotlight. Smart cities will call for more office spaces, especially since companies with a worldwide footprint or International biggies are expected to pitch tent here. A lot of investment is expected to come in because office spaces are going to be in high demand.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Enhance_private-public_partnerships\"><\/span><span style=\"font-weight: 400;\">2. Enhance private-public partnerships<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Stronger partnerships between these two sectors will be instrumental in raising the necessary capital required to build smart cities. This will also ensure efficient delivery of services and utilities. Indirectly, this will boost pooling of capital by developers and private enterprises for creating joint ventures within smart cities.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Improved_and_affordable_housing_schemes\"><\/span><span style=\"font-weight: 400;\">3. Improved and affordable housing schemes<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In tabs with the Prime Minister\u2019s<a href=\"https:\/\/pmaymis.gov.in\/\" target=\"_blank\" rel=\"noopener noreferrer\"> PMAY scheme<\/a> and the general aim to have \u201chousing for all\u201d, developers will be roped in to achieve the target of 2 crore homes by 2022. This will be a huge boost to the smaller real estate developers as well because fresh demand for housing will arise.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Improved_Infrastructure\"><\/span><span style=\"font-weight: 400;\">4. Improved Infrastructure <\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Due to a combination of factors, smart cities will ultimately open up multitudes of job openings for the people, which will call for improved infrastructure, commercial and residential spaces and an overall rise in the standard of living. Through this, the job openings in the real estate sector is expected soar very high as infrastructure development requires manpower and labor. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As you can see, developers as going to play a crucial role in seeing smart cities implemented. With a minimum of 100 cities planned to bear the smart city flag, a GDP increase of 10-12% is expected in the real estate sector by 2022.<\/span><\/p>\n<p>As a reflection of all this, land prices too are expected to go up. Areas in and around or even well connected to proposed smart cities will soon start reflecting this. However, since Govt. may step in to regulate all aspects related to smart cities, experts are refraining from commenting on this further.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stay_Updated_With_ADDA\"><\/span>Stay Updated With ADDA<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Interested in the discussion about smart city implementation? Would you like to connect with others in your vicinity to see how you can contribute or simply stay updated? <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.threefiveeight.adda&amp;hl=en\" target=\"_blank\" rel=\"noopener noreferrer\">Connect with the ADDA app <\/a>and hold discussions, debates and more in private with members of your apartment complex. <a href=\"https:\/\/adda.io\/contact\" target=\"_blank\" rel=\"noopener noreferrer\">Schedule a Free Demo.<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What differentiates a city like Dubai from cities found in India? Better planning, better infrastructure, more jobs and efficient administration systems that make use of the latest technology. Well, good&hellip;<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[4],"tags":[71,1254,1256,356,1257],"class_list":["post-7949","post","type-post","status-publish","format-standard","hentry","category-rise-high","tag-adda-blog","tag-pmay","tag-pradhan-mantri-awas-yojana","tag-real-estate","tag-smart-city"],"_links":{"self":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/7949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/comments?post=7949"}],"version-history":[{"count":2,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/7949\/revisions"}],"predecessor-version":[{"id":11071,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/posts\/7949\/revisions\/11071"}],"wp:attachment":[{"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/media?parent=7949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/categories?post=7949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adda.io\/blog\/wp-json\/wp\/v2\/tags?post=7949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}