Monday, 27 June 2016

Smart city offers smart investment opportunity

Almost a couple of weeks ago, the centre added 13 more cities in the ‘Smart City’ list. The newly included cities are Lucknow, Chandigarh, Faridabad, Warangal, Dharmashala, Raipur, New Town Kolkata, Bhagalpur, Panaji, Port Blair, Imphal, Ranchi and Agartala. It is largely expected that ‘Smart City’ tag will help improve the basic infrastructure in these cities including assured water and power supply, sanitation and solid waste management, efficient transport and IT connectivity among others.

It is also expected that the inclusion will lead to improvement in overall lifestyle, higher level of ‘Urbanization’ not only in the city, but in the close vicinity as well. Health and hygiene is also bound to improve and lots of business development opportunities, particularly in the service sector is also likely to emerge, which in turn will lead to higher employment generation.

All these developments will undoubtedly have a positive impact on city’s real estate potential. And amongst the North Indian cities, the prospects of Lucknow, Chandigarh and Faridabad looks the brightest. According to the quarterly House Price Index (HPI) released by Reserve Bank of India all-India HPI increased to 221.7 in the third quarter 2015-16 from 218.2 in the second quarter of the financial year 2015-16. And it is Lucknow which witnessed the highest increase of 16.1%. With the ‘Smart City’ tag, the sentiments and prices are likely to increase further, particularly in places like Lucknow and Chandigarh.

Thus, if you are planning to buy a property – residential or commercial – the time is apt now. From plots to villas to 2BHK, 3BHK or 4BHK flats, the options galore. The same is the case with commercial projects. The key factor you need to keep in mind is the prospect of the particular area. And it is here that New Chandigarh and Gomtinagar Extension (Lucknow) scores over the other areas in Chandigarh and Lucknow respectively. It is high time – take a smart decision and lead a ‘Smart life’.

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