Hailing the government’s announcement of 27 more cities under the flagship smart cities mission, the apex national body for the real estate industry, National Real Estate Development Council (NAREDCO) has said that this move would provide business opportunities for the real estate developers. Under the Smart City Mission, the government aims to have 100 smart cities by 2022. Sixty have been chosen so far, including 20 in January and 13 in May this year.
NAREDCO President Parveen Jain said that the inclusion of cities like Agra, Amritsar, Ujjain, Varanasi, Tirupati and Vellore etc. will boost the tourism sector as well as bringing up these cities on global tourism map. He said the development of smart cities would lead to well planned urbanization with aesthetic beauty comparable to international standards. Further, NAREDCO sees huge opportunities for the real estate industry in transforming these selected cities into smart cities.
The government aims to transform about 100 cities, with the Centre providing financial support of Rs 48,000 crore over five years. Each city will receive Central assistance of Rs 200 crore in the first year and Rs 100 crore over the three subsequent financial years. State governments and respective urban local bodies will also match the Centre's contribution.