Since smart cities have only recently started gaining traction, property investors have been in a constant dilemma of whether they should invest in them.
India has seen rapid growth and development around the idea of smart cities since the smart cities mission was first launched. The idea from the surface was to transform and develop cities with urban centres and class-apart infrastructure by harnessing the best of technology, architectural planning, and sustainability.
While the mission remains to create inclusive yet urbanized spaces for communities to interact, it comes down to the question of property investors.
This article takes you through various aspects of why smart cities are investor-friendly for you to make a wise and timely decision.
What Makes Smart Cities Fit for Property Investors?
The intelligent, development-oriented approach for cities has dramatically interested the real estate market.
The spike in investment, planning, and development has proven the smart cities mission to be the most significant driver for the growth of the real estate and infrastructure industry.
There are countless reasons for property investors to invest in smart cities, and some of them are listed below.
Blossoming Real Estate Markets
Making smart cities a part of the flagship smart cities mission has opened doors to infinite possibilities and avenues, significantly increasing property prices.
In the recent past, real estate prices have skyrocketed as investors are seeking better infrastructure, improved access to all amenities, and lower costs of living.
Real estate agents and property investors have inclined towards these improved standards, knowing the potential profit they can yield.
Driven by Technology
Smart cities, as the word suggests, are technology-driven. They thrive on technology-enabled management, which seeks to provide a world full of resources in itself.
The main features of such cities include smart metering, an abundance of parking spaces, 24/7 surveillance, greenery, an uninterrupted supply of water and electricity, and the list goes on.
All of this is enabled by the latest technological interventions making these cities a sustainable and viable solution for the future.
Recent times have seen tremendous progress in this regard. One notable example is installing a ‘Model COVID-19 Dashboard’ in Bangalore that served as a repository of resources during the pandemic.
Tech-driven interventions have boosted the confidence of real estate agents and property investors in smart cities. This is bound to increase in the near future.
A tangible change can be witnessed in smart cities’ infrastructure due to the investment in locality-based procurement of resources. The implementation of infrastructural plans has surpassed the expectations of investors and firms, making it an entirely new experience.
Infrastructure forms the foundation of any smart city, and realizing the same; the government has invested heavily in it, widening the prospects of interventions and investments from property investors.
All of these developments can be witnessed first-hand at selected cities of Jaipur, Bhubaneswar, Chennai, and now Lucknow.
These cities are best for long-term investment because of their prospects of better infrastructure and increasing housing demand.
Also read : How to Invest in Real Estate in India
Improved Access to Amenities and Facilities
Another significant advantage of investing in a smart city is accessibility to residents. Smart cities provide their residents with everything- from civic amenities to luxuries- making them a premium choice for homeowners.
These cities take the concept of comfort a step further and provide ease of access to facilities like tennis courts, football grounds, golf courses, pools, etc.
Further, these cities are no less in providing hassle-free access to amenities like sewage and garbage disposal management, a meticulous network of public transport, roads free from potholes, smooth access to the internet, etc.
Smart cities guarantee an improved quality of life for all their citizens and are one of the primary reasons why investors should invest in them.
The Bottom Line :
To sum it all up, smart cities are an impeccable choice for property investors to invest in. With steady growth and development, as these smart cities stand on their feet, it is safe to say that they offer everything that cities did not have a decade ago.
Due to the developments in the recent past, they present an excellent opportunity for property investors to invest in smart cities, further creating a sustainable future for all.