The past few years have witnessed rounds of discussions & plans for developing smart cities across the country. Most recently there has been an outcry of researchers about what impact these smart cities would be followed by.
The confusing part is, what is a smart city? & how smart are they?
Smart cities, a brief explanation:
In 2015 central government launched an urban renewal plan for select cities across India. The five-year program aimed to select 100 cities & focus on their core development points such as adequate water & electricity supply, urban mobility, digitalization, e-governance etc. The idea was to inspire a model of development for other cities to look up to.
In a series of five rounds of selection, a total of 99 cities were chosen, including New Delhi & Faridabad. Each of these cities would be provided with a funding of Rs1000 Crores by state & central government in 2017-2022 to focus on their development.
Why are the environmentalists angry?
A study conducted by a group of researchers from the UK stated that when these smart cities reach their final, developed state, they might face issues regarding sustainability. Although the government has plans looking over sanitation & urban waste management of these cities, researchers argued that it might not be enough.
With the rise in infrastructure, there would be a proportional rise in the population density of those regions. Higher the population, higher goes the waste.
At Eros, we understand the importance of environmental preservation. It’s why our projects are surrounded by lush green gardens & healthy vegetation to ensure that residents live in a clean environment.
What does a Smart City bring to the table for real estate?
Investment. A brief, but an accurate way to state it. Smart City project would provide each city with a boost in their beautification capabilities. Meaning, there would be a lack of empty lands & abundance of parks. Another focus would be on Transit Oriented Development i.e. cities would develop businesses, leisure spots & residential spaces within walking distance of public transport points.
The plan would significantly increase the residential capacity of the city & develop infrastructure to attract outside investment. Diverting from residential businesses, smart cities would have a wide scope for commercial development like malls, restaurants, integrated complexes etc.
To sum it up:
Smart Cities would bring countless opportunities. They would begin by developing residential businesses to house the, soon to increase, population & end at developing recreational & commercial facilities for the masses. There is a very broad market with lots of untapped economic landscapes.
What’s important is that focus must not be limited to simply developing infrastructure, but to also look at their sustainability. The environment is for us to live in & we must look after it.