How Can Smart Cities Influence Real Estate Sector in India
With a fresh list of the smart city including 30 new cities, the government has once again shown its firm determination to push urban development across the nation. By now, the total number of cities is 90 selected for the urban development under the Smart City Mission.
On the other hand, the real estate experts are expecting for a better prospect for the industry once the mission begins. As they believe very assuredly, the Smart City Mission is poised to give a new definition to the real estate industry in India. With an all-around development of public amenities and infrastructure, the Smart City Mission is all aimed at changing the conventional settings of real estate sector.
Here’re some important things that are supposed to take place after the mission starts turning the identified cities smart.
The foremost thing that will come out as an outcome of the proposed Smart City Mission is a sustainable urban planning. Bringing the mission to reality is not an overnight exercise — it’s an all-around development package that can potentially augment the city’s future survival.
Demand in the housing sector to get augmented:
After the implementation of Smart City Mission in place successfully, it is believed to augment the demand side of real estate sector in India. As the infrastructural development will be pushed to the next level, home buyers would feel more self-assured of investing their hard-earned money in different housing projects.
Decentralizing the effect of real estate across the nation:
It is strongly believed to have the effect of real estate sector decentralized across the nation. You can see most of the selected smart cities do belong to the tier 2 and 3 group. Subsequently, the home buyers could definitely be confident to invest their earnings in such cities as the infrastructural development would be ensuring a lucrative return on the investment.
Healthy competition between the developers:
It is highly expected that the real estate developers in India would be experiencing a healthy competition due to an overall development of the selected cities. And with the healthy competition will assuredly end up reducing the cost of real estate significantly.
With the points mentioned above, we can see how the Smart City Mission is set to change the conventional settings of real estate industry in India. In addition to some recent incidents happened in the India economy, the government’s effort to push the mission has been termed to be a key driver in the real estate sector.
There is no doubt over the way how the sector is revolving itself in accordance with the contemporary requirements. Right from the RERA and GST to Smart City Mission, every element, the prospect of real estate industry appears out to be brightening and lucrative.