India's New Smart Cities to Boost Local Manufacturing and Real Estate Growth
The union government's approval of 12 new smart cities along the Golden Quadrilateral is expected to drive growth in local manufacturing and the real estate industry.
Smart CitiesReal EstateManufacturingIndiaInfrastructureReal Estate NewsAug 31, 2024
According to Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com, the initiative will boost local manufacturing. “As India strategizes to become the world's third-largest economy with a GDP of US$ 5 trillion, the cabinet's approval for 12 new industrial smart cities along the golden quadrilateral is a significant step forward in boosting manufacturing and generating employment. It marks a vital stride toward the vision of Viksit Bharat,” he says.
With an investment of INR 28,602 crore, these projects will redefine the country's industrial landscape by integrating modern infrastructure with the principles of PM GatiShakti.
“For the real estate sector, the infrastructure upgrades in these smart cities are set to drive demand for residential, commercial, and industrial spaces, creating new opportunities for homebuyers and investors alike. This initiative can also alleviate pressure on existing urban centres, paving the way for better-serviced communities,” says Agarwala.
Anjana Sastri, Director – Marketing at Sterling Developers lauded the move. “We commend the government’s progressive decision to establish 12 new industrial smart cities across 10 states. This initiative will positively impact industrial growth and metropolitan development and also contribute greatly to increased employment opportunities and economic development. These smart cities will act as drivers of innovation, attracting both domestic and international investors, facilitating easier setup of manufacturing units, and enhancing India's role in global value chains,” he says.
Additionally, the concept of “plug and play” and “walk to work” will have a ripple effect on the real estate sector, with increased demand for housing, commercial spaces, and allied industries, paving the way for enduring infrastructure, and facilitating investments and development across regions. “Overall, an initiative like this will foster balanced urbanization, boost infrastructure, and strengthen regional economies”, says Sastri.
The Golden Quadrilateral is a highway network connecting four major cities in India - Delhi, Mumbai, Chennai, and Kolkata. The project aims to improve the country's industrial infrastructure and boost economic growth.Housing.com is a leading online real estate platform in India, providing a comprehensive platform for homebuyers and investors to search, buy, and sell properties. PropTiger.com is a subsidiary of Housing.com, providing end-to-end real estate solutions.
Sterling Developers is a prominent real estate developer in India, known for its innovative and sustainable projects.
Frequently Asked Questions
What is the Golden Quadrilateral?
The Golden Quadrilateral is a highway network connecting four major cities in India - Delhi, Mumbai, Chennai, and Kolkata.
How much investment is planned for the 12 new smart cities?
The government has planned investments of Rs 28,602 crore for the 12 new smart cities.
What is the expected impact of the smart cities on the real estate sector?
The smart cities are expected to drive demand for residential, commercial, and industrial spaces, creating new opportunities for homebuyers and investors.
What is the concept of 'plug and play' and 'walk to work' in the context of smart cities?
The concept of 'plug and play' and 'walk to work' refers to the idea of creating self-sustaining communities where people can live, work, and play without having to commute long distances.
Which companies have welcomed the government's decision to set up 12 new smart cities?
Housing.com, PropTiger.com, and Sterling Developers have welcomed the government's decision to set up 12 new smart cities.
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