Development of Smart Cities to Dominate Real Estate in India in 2023

With smart cities in India rapidly developing, this mission is set to drive the real estate sector in India in 2023. The Prime Minister launched this mission in June 2015, where 100 cities across the country were selected to be transformed into smart cities. The focus in these cities lies in the development of a sustainable and clean environment along with strong social infrastructure. This assures a decent grade of lifestyle to the residents who can enjoy an elevated standard of living.

As the authorities extended the implementation period of this mission till June 2023, this year is crucial for the development of real estate in India. Reports reveal that 88% of the funds that the Centre had allocated for the development of the project has been used. As the development of the smart cities is coming to an end, the realty sector is growing fast.

The focus on infrastructure has been high in these projects. The cities that are being developed will have smart traffic management and infrastructure facilities, along with high security. This has increased the value of property in the cities. Particularly, development has picked up pace in cities like Agra, Varanasi, Lucknow, and Moradabad.

In smart cities, waste management has been yet another core mission. Some of the infrastructure projects have focussed on separating the sewage and drainage systems along with garbage disposal. All these projects are based on sustainable development. Besides, the government has collaborated with private players to deploy the project and maintain them even after the completion.

An interesting trend reveals that a larger population is migrating to the smart cities. They prefer the higher standard of lifestyle in these cities. The tier 2 cities are also being developed as smart cities. Therefore, in 2023, the realty sector will continue to stride forward with investors and homeowners willing to invest in these cities.