New smart city list a huge boost for realty sector: NAREDCO

Realtors' body NAREDCO hailed the government's announcement of 27 more cities for the development of smart cities, saying the move would provide business opportunities for the real estate developers.

Prime Minister Narendra Modi's Lok Sabha constituency Varanasi along with holy cities of Amritsar and Ajmer has made it to the list of 27 smart cities announced.

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 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 urbanisation with aesthetic beauty comparable to international standards.

National Real Estate Development Council (NAREDCO) sees immense opportunities for the real estate industry in transforming these selected cities.

Commenting on the development, Arindam Guha, Senior Director, Deloitte in India, said: "The Smart City Challenge continues to generate significant enthusiasm throughout the country. With the addition of these 27 cities, a total of 60 cities are now eligible for funding under the programme." The high interest and participation levels in the Smart City plan development phase now needs to be sustained through quick implementation on the ground, he added.

Shrinivas Kowligi, Partner - Smart Cities and Urban Transformation, EY India, said: "With now 60 cities across India eligible for funding support from government of India, the biggest challenge is going to be talent and expertise both within and outside the government." The competencies needed for addressing the myriad challenges Indian cities face, and to handhold them in their journey to get smart, requires diverse technical skills, project development and management expertise.

"Ministry of Urban Development now needs to drive transformational initiatives to scale up human resource capacity in the country to address this challenge," Kowligi said.