The ‘Internet of Things’ technology, which will be the backbone of Smart Cities, is already making an impact on India, which has one of the world’s largest reservoirs of information technology talent.
This talent pool itself is a positive factor for the development of Smart Cities under the mission launched by Prime Minister Narendra Modi. Adding to this fervour is the campaign for Make in India. It is yet another pet project of the Prime Minister to encourage local manufacturing.
Modi’s mission that aims to develop 100 mid-sized and satellite cities freshly created or remodelled in line with Smart City concepts is indeed revolutionary. Already 31 per cent of India’s 1.25 billion people live in cities. The country’s urban population is projected to touch 843 million by 2050, according to forecast.
The urban centres contribute 60 per cent of the country’s GDP, a figure that’s expected to climb to nearly 75 per cent by 2030.
Today, it is a fact that many Indian cities do not have basic infrastructure, institutional framework and proper governance. It is therefore important that the government should take initiatives for accelerated development of basic needs through IT enabled solutions.
Real estate research firm and consultancy Jones Lang LaSalle in a recent report said many of India’s Smart Cities will not only use data to improve existing systems, but they will also have data-driven processes to run basic infrastructure.
JLL notes in its study that developing Smart Cities offers significant opportunities for a range of parties, including investors, developers, designers, service providers, academia and consulting firms.
It says this development opportunity will create millions of jobs as ‘enhanced workability’ is one of the key benefits of Smart Cities. It means accelerated economic development with the creation of more job opportunities and additional investment flows.
These trends will result in increased local GDP as well as national GDP as citizens will have access to modern infrastructure services that let them compete in the world economy. Those services include broadband connectivity; clean, reliable, inexpensive energy; educational opportunities; affordable housing and commercial space; and efficient transportation.
Residential property sales across tier-I cities rose 9% from a year ago led by affordable housing and performance of southern property markets of Bengaluru and Hyderabad, ET Realty reported. Sales volume in Bengaluru and Hyderabad rose 26% and 24%, respectively,...