The announcement to develop 12 smart cities has created a lot of buzz in the real estate sector throughout the state.
As per the definition of a smart city, it is a city that uses digital technologies or information and communication technologies in order to improve quality of urban life, to reduce costs and resource consumption and where the citizens engage more effectively and actively.
The central government's initiative to develop smart cities across the country has been applauded in all circuits. It will not only enhance the quality of living but also benefit the dependent sectors. Recently, 100 cities were listed that will be developed as smart cities in the time to come.
Sanjay Dutt, executive managing director, South Asia, Cushman & Wakefield says, “This push for urban renewal is expected to lead to a surge in prices within and in the vicinity of the proposed smart cities, and early investors may attain attractive returns, however sustaining the same would depend on implementation of various projects that will lead to better infrastructure which should eventually lead to more economic prospects for the city.”
The state of Tamil Nadu has got a major share in terms of number of cities selected for the smart cities initiative. A total of 12 cities of Tamil Nadu have been selected to be developed as smart cities in the years to come.
Chennai, Tiruchirapalli, Coimbatore, Tiruppur, Vellore, Salem, Erode, Thanjavur, Tirunelveli, Dindigul, Madurai and Thoothukudi will receive support from the central government for the next five years to achieve the idea of smart cities. Industry experts are certain that this will revive the sector and benefit both the developers and buyers.
Sachin Sandhir, Global MD, Emerging Business, RICS informs, “This swift development will not only boost sentiments among builders and investors but also of those who will be greatly involved in ancillary development of smart cities.”
Anshuman Magazine, chairman and MD, CBRE South Asia Pvt Ltd, says, “The successful development of these Smart Cities will now hinge on their effective implementation and monitoring at a central and state level. Huge fund mobilization, government capacity building at the state and city level and public private partnerships will be required for development of these cities.”
Ajit Chordia, president, CREDAI Chennai, considers this a great initiative by the government, which will act as an engine for growth. “This is going to spur a huge amount of investment, which will also have a multiplier effect. The rate of urbanisation is an indicator of growth in a state and the smart city project will improve the quality of life at large. Every developed country has over 70 per cent urbanisation and with this initiative, Tamil Nadu will have an urbanisation level more than the national average,” says Chordia, who feels that all the growth areas have been targeted.
“We would have been happier if there had been an announcement of a satellite green field smart city closer to Chennai. It would have resulted in the setting up of urban infrastructure of a whole new level” he says. As of now, the smart city project is being viewed optimistically as a long-term plan. “The money that has been earmarked is small. But then, both the centre and the state will be putting in money together. The government will be a catalyst in it. The private sector will also have to participate in it.”
Source From- http://content.magicbricks.com/industry-news/chennai-real-estate-news/12-smart-cities-in-chennai-create-a-lot-of-buzz/82806.html.
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As per the definition of a smart city, it is a city that uses digital technologies or information and communication technologies in order to improve quality of urban life, to reduce costs and resource consumption and where the citizens engage more effectively and actively.
The central government's initiative to develop smart cities across the country has been applauded in all circuits. It will not only enhance the quality of living but also benefit the dependent sectors. Recently, 100 cities were listed that will be developed as smart cities in the time to come.
Sanjay Dutt, executive managing director, South Asia, Cushman & Wakefield says, “This push for urban renewal is expected to lead to a surge in prices within and in the vicinity of the proposed smart cities, and early investors may attain attractive returns, however sustaining the same would depend on implementation of various projects that will lead to better infrastructure which should eventually lead to more economic prospects for the city.”
The state of Tamil Nadu has got a major share in terms of number of cities selected for the smart cities initiative. A total of 12 cities of Tamil Nadu have been selected to be developed as smart cities in the years to come.
Chennai, Tiruchirapalli, Coimbatore, Tiruppur, Vellore, Salem, Erode, Thanjavur, Tirunelveli, Dindigul, Madurai and Thoothukudi will receive support from the central government for the next five years to achieve the idea of smart cities. Industry experts are certain that this will revive the sector and benefit both the developers and buyers.
Sachin Sandhir, Global MD, Emerging Business, RICS informs, “This swift development will not only boost sentiments among builders and investors but also of those who will be greatly involved in ancillary development of smart cities.”
Anshuman Magazine, chairman and MD, CBRE South Asia Pvt Ltd, says, “The successful development of these Smart Cities will now hinge on their effective implementation and monitoring at a central and state level. Huge fund mobilization, government capacity building at the state and city level and public private partnerships will be required for development of these cities.”
Ajit Chordia, president, CREDAI Chennai, considers this a great initiative by the government, which will act as an engine for growth. “This is going to spur a huge amount of investment, which will also have a multiplier effect. The rate of urbanisation is an indicator of growth in a state and the smart city project will improve the quality of life at large. Every developed country has over 70 per cent urbanisation and with this initiative, Tamil Nadu will have an urbanisation level more than the national average,” says Chordia, who feels that all the growth areas have been targeted.
“We would have been happier if there had been an announcement of a satellite green field smart city closer to Chennai. It would have resulted in the setting up of urban infrastructure of a whole new level” he says. As of now, the smart city project is being viewed optimistically as a long-term plan. “The money that has been earmarked is small. But then, both the centre and the state will be putting in money together. The government will be a catalyst in it. The private sector will also have to participate in it.”
Source From- http://content.magicbricks.com/industry-news/chennai-real-estate-news/12-smart-cities-in-chennai-create-a-lot-of-buzz/82806.html.
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