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    Home»Real estate»India’s smart cities will continue to dominate the real estate market in 2023
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    India’s smart cities will continue to dominate the real estate market in 2023

    January 2, 20233 Mins Read
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    2023 promises to be the completion of the Centre’s flagship urban transformation project, the Smart city mission. Launched in June 2015 by the Prime Minister Narendra Modithe much-talked-about program has seen the Center select 100 cities across India, which will be developed by providing citizens with access to basic infrastructure, a clean and sustainable environment and a decent quality of life through the application of smart solutions.

    The mission implementation period has been extended till June 2023, making 2023 one of the most important years for smart cities in India. Data from the Ministry of Urban Affairs revealing that almost 88% of the funds granted by the Center for smart city projects have been used. As of December 2, 2022, the government has released Rs 34,675 crore of which Rs 30,418 crore (88%) has been utilized. Work orders were issued in 7,738 projects worth Rs 1,81,112 crore out of which 4,987 projects worth Rs 92,439 crore were completed.

    As the project draws to a close, here’s what smart cities in India can see in 2023, according to the industry.

    The smart city mission has played a big role in increasing infrastructure, traffic management and security. This not only increased the real estate value of the chosen cities, but also saw people prefer them to larger cities. Recent data from UPRERA added to the fact that with better infrastructure, enrollment has increased by 60% in non-NCR cities of UP, which includes smart cities like Lucknow, Varanasi, Agra and Moradabadin the RCN region.

    Shalimar Corp’s Khalid Masood says adaptability will continue to be a key word for smart cities in 2023 as well. “The growing trend of people moving to smart cities is equally gratifying. The pandemic has ironically revolutionized the way we look at our living spaces. And the Smart City mission has also provided better advanced infrastructure facilities to Tier II cities. Also for 2023, the real estate sector will continue to provide more options for homebuyers and investors in cities that have seen growth through the smart city mission.

    Waste management is another important aspect of the smart city mission. The whole project focused on separating drainage from sewage and managing daily garbage disposal in a sustainable way. Private actors have been associated with the project in order to ensure the best implementation and even after the end of the project, this will be a key factor for the continuation of the implementation.

    Rajesh Mathpal, director of Suez India, a corporate partner of waste and water management projects for smart cities, said waste management and disposal will remain a priority even in 2023. the treatment of wastewater generated in the city will have to be worked on continuously even in 2023, to create a hygienic environment and provide better living conditions for the inhabitants of the city. Since 2023 will see a big shift towards renewable and alternative energy sources, the best use of waste would be to reuse it or generate electricity.

    Better traffic management and security through CCTV cameras and integrated command and control centers have made smart cities even more “intelligent”, increasing their real estate value and this will also continue in 2023. Sons Mukund Halwasiya de Halwasiya said the mission, launched by the prime minister himself, has facilitated the return of the working class to his hometown. “Good infrastructure, better job opportunities and a post-covid hybrid work culture have driven demand in smart cities and people now see them as a viable alternative to metros. This trend will also continue in 2023, as these cities have now become a great option for a sustainable lifestyle.


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