Prime Minister Narendra Modi’s smart city project has created quite a buzz in the country. Recently, the names of 20 cities to be earmarked as ‘smart cities’ were announced by the government and the execution part will roll out soon enough. The government plans to use these smart cities as propellers of urban development in the country. India is only 31% urbanized which is much lesser than other developed or developing countries. China is 54% urbanized and Brazil almost 90%.
Real estate market players are very optimistic about the smart city projects of India. It would provide immense opportunity for the development of real estate projects- both commercial and residential- across these urban clusters. Especially affordable housing will get a boost as more residential options will be needed in and around these growth corridors. ‘Housing for all’ and ‘affordable housing’ are already the two priorities for the government and smart cities will give these plans more impetus. [Read more…]