The government of India has introduced the ‘Smart City Plan’ as most Indian cities are experiencing unforeseen demand from dwellers and prospective property buyers. The main objective of smart cities is to promote sustainable cities and make life breezy and comfortable for the residents.
Pune is one such city that falls in the Smart City Plan. This plan will definitely have positive effects not only in terms of its overall economy but also on the real estate market of the city. Let’s see how.
What Smart City is All About?
Due to poor planning and maintenance across most Indian cities, the residents face a lot of problems and issues. The implementation of the smart city means that the city will be provided with infrastructure and amenities such as sanitation, water, energy, safety, transport, health care and education through application of smart solutions. Smart solutions can be defined as use of digital technology along with information and communication technologies. This will help in offering quality of life, clean and sustainable environment to the residents of the smart city. The states which fulfil all the criteria of smart city will get a fund of Rs. 100 crore per year for a term of five years. It is, in fact a golden chance for states to develop their urban cities unlike ever before.
Real Estate Scenario in Pune
Pune is one of the top cities for business and residing not only in India but also on the global map. During the last 2 to 3 years, the real estate market of various cities has seen a downfall. But the Pune real estate market stood the test of time due to the presence and demand of the IT sector. In addition, the properties in Pune are more affordable in comparison to the other cities like Mumbai, Delhi, NCR etc. According to the annual realty report made by Commonfloor, around 230 projects have been launched in the year 2014 in different regions of Pune. So, there will be good supply of ready-to-move-in housing properties in the year 2016.
Impact of Smart City Plan on Realty Market of Pune
Known for its lovely climate, academic facilities and entrepreneurs, Pune has seen a rapid transformation in the past few years. Likewise, the demand for energy, transport, housing and public facilities is growing day by day. Due to its reputation of being an established IT destination, the impact of smart city project on Pune’s real estate will be a positive one. It will also create various job opportunities for the unemployed. Investment in the infrastructure of Pune as per smart city project will definitely give positive results in terms of economic growth and investments.
Apart from the benefits of the smart city project, real estate developers will have to contemplate different types of housing needs. In addition to this, the change in the FDI norms regarding the minimum floor area and capital will lead to a positive effect on the real estate sector of Pune. And the incorporation of information and communication technologies (ICT) in the projects of real estate developers will help them promote and command sale premium. While implementing ICT solutions, a project needs to involve five stakeholders based on the project. The stakeholders should be government, technology provider, property manager, facility developer and building occupants.
Pune is all set to achieve sustained development with the implementation of the smart city plan. That, coupled with the already healthy state of the realty market, will lead to some exciting times ahead for property buyers.
