The Center's primary urban transformation program, the Smart City Mission, is scheduled to be finished in 2023. Introduced in June 2015, the Center selected 100 Indian cities. This initiative of Prime Minister Narendra Modi aims to give access to basic infrastructure, healthy and sustainable surroundings, and a credible standard of living using smart solutions.
The mission's implementation phase was extended till June 2023, making it one of the most critical years for India's Smart Cities. According to the Ministry of Urban Affairs, the government released Rs. 34,675 crores on December 2, 2022, of which Rs. 30,418 crores (88%) had been used. Out of the 7,738 work orders, 4,987 projects totalling 92,439 crores in value have been finished.
This is how the smart cities of India will look like after the project completion in 2023-
Increasing infrastructure facilities, traffic control, and security are major priorities of the smart city goal. As a result, the chosen cities' real estate values grew and people began to prefer them over larger ones. According to the latest data from UP RERA, registrations have increased by 60% in Non-NCR cities in Uttar Pradesh, like Lucknow, Varanasi, Agra, and Moradabad, due to enhanced infrastructure.
According to Khalid Masood of Shalimar Corp, adaptability will continue to be a key component of smart cities. “The increasing trend of the population moving to smart cities is equally rewarding. The pandemic has ironically revolutionized the way we look at our living spaces. And the Smart city mission has also given better, state-of-the-art infrastructure facilities to tier II cities. For 2023, the real-estate industry will continue to bring more options for home buyers and investors in cities that have experienced growth due to the smart city mission.”
Smart cities have become even smarter, increasing their real estate value, and this will continue in 2023. Better traffic management and security are made possible by CCTV cameras and Integrated Command and Control Centers. The initiative, started by the prime minister himself has made it simpler for the working class to relocate back to their home city. People today view smart cities as a credible option to metros because of their good infrastructure, improved employment possibilities, and post-covid hybrid work cultures. Since these cities are already fantastic choices for sustainable living, this trend will continue in 2023 as well.
