Friday, 22 July 2016


Urbanization goes hand in hand with the economic development of any region. The growth of a smart city can give way to massive opportunities, particularly from the real estate perspective. In the approach to the Smart Cities Mission, the objective is to promote cities that provide core infrastructure and give a decent quality of life to its citizens, a clean and sustainable environment and application of 'Smart' Solutions.

The real estate market in the eastern regions of India has shown a sluggish growth that too limited in one or two cities in each state. With the inclusion in 100 Smart Cities, there will be renewed focus on Industrial investments. We can also expect an increased investment in the areas of - BPO, Automobile, Education and Healthcare. Cities like Bhubanehswar (Odisha) and Guwahati (Assam) are the cities from Eastern part of the country to be shortlisted in first 20 smart city project. Other cities in the list of 100 from eastern belt include Pasighat(Arunachal Pradesh), Muzaffarpur, Bhagalpur,  Biharsharif from Bihar, Raipur and Bilaspur from Chattisgarh, Ranchi(Jharkhand), Imphal (Manipur), Shiling (Meghalaya), Aizwal (Mizoram), Kohima( Nagaland), Bhubaneshwar and Raurkela from Orissa, Namchi (Sikkim), Agartala (Tripura), New town Kolkata, Bidhannagar , Durgapur and Haldi from West Bengal.

This is a good move by the government to strengthen the underdeveloped cities and build the regional economies. With the development of these cities various avenues of growth will open up for the locals within their state. Currently the focus of real estate is in metros and a few adjoining cities. Tier 2 and tier 3 cities haven’t seen any growth spurt. This ultimately will lead to a revival of demand in the real estate market. Moreover, with multiple work options that will originate in these smart cities, and increasing income levels, the demand for housing will increase and also the demand for commercial space as various work options would need the set up.

So it definitely is a good move towards developing these cities and making them self sufficient.

No comments:

Post a Comment