A lot is being written about ‘Smart Cities’ and how they are all set to create a revolutionary environment for the masses. However, one still has a number of questions when it comes to Smart Cities – what will such urban living regions offers, will they be expensive and most importantly – will it be restricted to any particular segment of buyers? Let’s get to the basics right and debunk a few myths.
‘Smart Cities’ are being created to improve the quality of living of citizens. Using smart technologies, normal cities will be revamped into becoming Smart Cities that boast a completely different standard of living and sustainability. The government’s initiative to build such compact powerhouses will also help in creating a more data driven eco system that offers modern infrastructure.
Individuals will be able to enjoy several advantages like seamless digital connectivity. Although these benefits are not restricted to any one demographic in particular, tech savvy citizens and younger generations will benefit a lot from it. That said, the common man will still be made aware of how to improve his/her standard of urban living and with the ‘smart phone’ age making things easier – this transformation might not be a major challenge.
With Smart Cities being a government initiative, they will not be expensive. Residents here will enjoy several services at subsidized rates. However, the formation of smart cities might lead to a realty boom. The developing infrastructure will result in a major influx of housing demand thus escalating capital values of properties in and around several smart cities.
The government has set aside a whopping amount of INR 50,000 crores for the 100 smart cities that will be developed in the near future. Each selected city will receive an annual central assistance from the government and they will pay INR 100 crores for five years. Out of 100 such cities, 75 will be developed in 12 states. Uttar Pradesh has the maximum allocation under the scheme followed by Tamil Nadu, Maharashtra, and Gujarat. Smart cities need to be sustainable and methods of rain water harvesting need to be promoted. Conventional buildings need to be replaced with green buildings and solar panels and LED lights need to replace conventional power supply.
Nidhi C Thacker for IndiaProperty.com