Transforming Urban Landscapes: 12 new industrial smart cities to decongest India’s metros – Money News

Imagine urban landscapes where technology serves as the lifeblood, weaving through the fabric of city life with seamless connectivity. Traffic flows smoothly, managed by AI-driven systems that predict and prevent congestion. Buildings aren’t just structures—they are intelligent entities that dynamically manage energy use, responding in real time to the needs of their occupants and the environment. These smart cities boast cleaner air, safer streets, and an enhanced quality of life, setting new benchmarks for sustainable urban living.

India, in its pursuit of becoming a $5-trillion economy, has received Cabinet approval for the establishment of 12 new industrial smart cities along the Golden Quadrilateral. These cities, located in Khurpia in Uttarakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Agra and Prayagraj in Uttar Pradesh, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in Andhra Pradesh, and Jodhpur-Pali in Rajasthan, span 10 states and six major industrial corridors. Backed by an investment of INR 28,602 crore, this initiative aims to decongest overcrowded metropolitan areas, boost manufacturing, and generate employment, marking a significant shift in India’s industrial and urban landscape.

As we stand at the forefront of the fourth industrial revolution, technological advancements like AI, robotics, high-speed internet, and smart infrastructure are redefining the possibilities of urban existence. The concept of smart cities transcends digital integration; it focuses on optimizing resources and reducing emissions, crafting a sustainable blueprint for future human settlements.

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As India charts its course towards ‘Viksit Bharat’ (Developed India), these smart cities stand as beacons of progress, promising to reshape urban living and contribute to the nation’s economic aspirations.

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The Vision of Viksit Bharat and Smart Cities

The concept of these industrial smart cities transcends the general contours of urban planning; it’s a crucial component of India’s broader economic strategy. By strategically positioning these cities along the Golden Quadrilateral – the network of highways connecting India’s four major metropolitan areas – the government aims to create a corridor of industrial and economic growth. This initiative is not just about building new urban centers; it’s about creating ecosystems that integrate advanced technology, sustainable practices, and quality living spaces to drive India’s economic engine forward.

Integration with PM GatiShakti

A key aspect of this initiative is its integration with the principles of PM GatiShakti – the National Master Plan for Multi-modal Connectivity. This integration ensures that these smart cities will not exist in isolation but will be seamlessly connected with the country’s broader transportation and logistics network. The synergy between urban development and infrastructure connectivity is expected to create a multiplier effect on economic growth and efficiency.

Impact on Real Estate: A Multi-Dimensional Boost

The announcement of these 12 new industrial smart cities is poised to have a transformative impact on the Indian real estate sector. As these cities develop into industrial powerhouses, the demand for real estate is expected to skyrocket across multiple segments.

The commercial real estate sector is also expected to see a significant boost with the influx of manufacturing units and businesses driving up demand for office spaces, warehouses, and industrial parks. This increased demand is likely to attract substantial investment in the commercial real estate sector.

Simultaneously, the residential real estate market will experience a surge as the creation of new job opportunities naturally leads to an increased demand for housing. This demand will span various segments, from affordable housing for workers to luxury apartments for executives and entrepreneurs. The focus on boosting manufacturing will also necessitate specialized industrial real estate, including smart factories and high-tech industrial parks, further diversifying the real estate landscape in these new urban centers.

This massive investment signifies a commitment to developing world-class infrastructure in these cities. The infrastructure development, including advanced transportation systems, utilities, and communication networks, will not only enhance the value of properties within these smart cities but also in surrounding areas. Real estate investors and developers who position themselves early in these regions stand to benefit significantly from the anticipated value appreciation.

Moreover, by creating new, well-planned urban centers, this initiative addresses one of the most pressing issues in Indian real estate – the overcrowding of existing metropolitan areas. This decongestion could lead to a more balanced real estate market, potentially stabilizing property prices in over-saturated urban areas while opening up new, attractive markets in the smart cities.

The emphasis on ‘smart’ development in these cities aligns with global trends towards sustainability and technological integration in real estate. Developers who adapt to these standards, offering eco-friendly construction and smart home technologies, will likely see increased demand for their properties. This shift could redefine standards in the Indian real estate market, pushing the industry towards more sustainable and technologically advanced practices.

For homebuyers and real estate investors, these smart cities represent a new frontier of opportunities. Early investors in these developing urban centers could benefit from lower entry prices and significant long-term appreciation. Moreover, the promise of better-serviced communities with modern amenities could attract homebuyers looking for an improved quality of life outside traditional urban centers.

Challenges and Considerations

While the prospects are exciting, the development of these smart cities and their impact on real estate won’t be without challenges. The pace of development must be balanced with environmental concerns to ensure long-term viability.

Building and managing these high-tech cities will require a skilled workforce, necessitating investments in education and training. Encouraging the first wave of residents and businesses to move to these new cities could be challenging and may require innovative incentives. Additionally, developing a regulatory framework that supports rapid growth while ensuring quality and safety standards will be crucial for the success of these smart cities.

Last but not the least, behavioral change among the citizens will also be sought to make these tech-enabled cities work in the right direction, otherwise, the whole effort will go in vain if people continue to break traffic rules and harm public property or encroachments, etc.

(By Amit Masaldan, Chief Revenue Officer, Housing.com)

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