Smart Cities Impact on Indian Real Estate

Introduction 

What makes New York, Tokyo, Paris and Dubai different from cities in India? Why have these cities been known as one of the best cities in the world? The answer is their better urban planning, use of the latest technology and better infrastructural development. When we talk about these cities, our brain creates a broad picture of good quality roads, skyscrapers, better drainage and sewage systems, less traffic and better use of land to accommodate the population with efficiency.

But don’t worry; the striking news is that such smart cities in India are going to be developed. The government of India has initiated a smart city mission to fulfil our dream to become a developed nation by the end of 2047. 

The smart city mission by the BJP government was initiated in 2015 and aimed to build 100 smart cities in the initial phase of the mission. This ambitious project is being led by the Union Ministry of Urban Development, which is responsible for the overall planning and coordination in collaboration with respective State Governments, who are tasked with the implementation and management of smart cities in India. This is set to be a 5-year-old program, and the results of the development are expected to start showing by 2022.
 

Note: List Of Smart Cities In India Under Smart City Mission (Click Here <)

What is a smart city?

Image: Gift City, Gujarat

A smart city is an urban area where technology and data collection work together to enhance the quality of life, as well as the sustainability and efficiency of city operations. Local governments employ information and communication technologies (ICT) and the Internet of Things (IoT) to achieve these goals

Here are some key points about smart cities:

Data-Driven Insights: Smart cities rely on real-time data collected through sensors and other technologies. This data helps local governments improve urban planning and enhance city services, ranging from waste management to public transportation. Ultimately, this leads to a better quality of life for residents.

Efficient Services: By leveraging smart technologies, cities can optimise their operations, leading to significant economic benefits. For instance, smart transportation systems can reduce travel time and improve logistics, boosting productivity and economic growth. Additionally, smart city solutions can drive job creation and business opportunities. These benefits make smart cities an attractive investment option, especially for those looking for long-term economic returns.

Three Hallmarks of Smart Cities:

1. Networks of Sensors: These gather and integrate data for various applications and city services.
2. Connectivity: Enables municipal officials to interact directly with the community and manage city infrastructure effectively.
3. Open Data Philosophy: Local governments routinely share operations and planning data with the public
4. Evolution of Smart Cities: Efforts to improve urban environments using tech and data date back to the 1960s. The term “smart city” emerged in academic literature in the 1990s and has since evolved. Initially, smart city technologies were used “behind the scenes,” but now they increasingly involve engagement from city residents.
 

Characteristics of a smart city

1. High-end infrastructure with contemporary amenities and utilities.
2. Adequate water supply
3. Superb waste management system along with good sanitation
4. Good health and education facilities
5. Safety for women and children
6. Affordable housing for all
7. Use of modern technologies and digitalization

These factors and features of smart cities aim to significantly improve the quality of life of a person with the use of technology and innovation. These cities will provide not just great infrastructure and superb amenities but also a sense of hope and inspiration for a hassle-free life in the future.

Smart Cities and Their Impact on Indian Real Estate

In recent years, the concept of Smart Cities In India has gained significant momentum. These urban centres, infused with advanced technology and data-driven solutions, are poised to transform the landscape of real estate in the country. Let’s delve into how Smart Cities will impact the Indian real estate sector:

Data-Driven Real Estate Development:

1. The availability of data is a game-changer. Stakeholders can now gain deeper insights into properties, their surroundings, and the needs of residents.
2. This data-driven approach informs site selection, planning processes, and building designs. For instance, investors can analyse foot traffic data to choose optimal locations for retail premises, while tenants can make informed      leasing decisions.
3. However, privacy concerns must be addressed, and transparent access to relevant data is crucial.

The Rise of Smart Buildings:

1. Smart buildings integrate technology to manage energy consumption, security, and environmental factors seamlessly.
2. These buildings offer a competitive advantage. Features like automated energy management, efficient security systems, and enhanced occupant comfort attract both investors and tenants.
3. As Smart Cities evolve, demand for such technologically advanced buildings is expected to surge.

Enhanced Efficiency and Appeal:

1. Emerging trends like 5G networks, autonomous transportation, and AI-driven urban management are reshaping the real estate landscape.
2. Smart Cities promise improved infrastructure, better connectivity, and sustainable living. These factors enhance the appeal of real estate investments.
3. As demand grows, property values may rise, benefiting both developers and homeowners.

Conclusion

Smart Cities are not just about technology; they represent a holistic approach to urban development. By leveraging data, embracing innovation, and creating efficient spaces, these cities will redefine the Indian real estate sector. Real estate developers play a crucial role in this process, making it more dynamic and responsive to the needs of its citizens. Your contribution is invaluable.