Indian real estate developers have welcomed the Urban Development Minister M Venkaiah Naidu announcement of the first list of 20 Smart Cities.
Satellite towns around these Smart Cities will be an opportunity for the real estate development, especially affordable housing, said the Confederation of Real Estate Developers Association of India (CREDAI).
Hailing the selection of first 20 cities, CREDAI said the initiative would provide a great opportunity for the real estate development, particularly in the affordable home segment, with improvement in infrastructure of these towns.
“It’s a good initiative by the government. Satellite towns around these Smart Cities will be good opportunity for the real estate development especially affordable housing,” CREDAI President Getamber Anand was quoted in the media as saying.
Welcoming this step, CBRE South Asia Chairman & MD Anshuman Magazine said: “While this initiative will involve large-scale retrofitting as well as redevelopment; these cities could become showcases of urban infrastructure development, encouraging others to follow suit.”
Cushman & Wakefield MD Sanjay Dutt said the Smart City initiative would further boost the affordable housing, which is already a priority for the government.
The Smart City initiative would be a game changer in raising the standard of infrastructure in the cities , said Shubhranshu Pani, MD – Infrastructure Services, JLL India.
“Adequate attention is paid to sustainability, infrastructure and improving the life of inhabitants,” he said, adding that JLL has supported two of the cities which have been shortlisted in the first list: Bhubaneswar and Chennai.
CREDAI Western UP Vice President Amit Modi said Smart City would greatly enhance the much needed infrastructure requirement of these cities.
Pune Real estate sector will be impacted positively with an impetus to the infrastructure growth as well as the economic activity for Maharashtra, said Rohit Gera, MD of Pune-based Gera Developments.