12 new smart cities to drive growth in local manufacturing, say Industry experts
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.
- Aug 31, 2024,
- Updated Aug 31, 2024 6:53 PM IST
The recent announcement by the union government to build 12 new smart cities along the Golden Quadrilateral has received much appreciation from the real estate industry. On 28 August, the union government approved the setting up of 12 smart cities across six key industrial corridors spread over 10 states. The government’s planned investments are to the tune of Rs 28,602 crore.
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 recent announcement by the union government to build 12 new smart cities along the Golden Quadrilateral has received much appreciation from the real estate industry. On 28 August, the union government approved the setting up of 12 smart cities across six key industrial corridors spread over 10 states. The government’s planned investments are to the tune of Rs 28,602 crore.
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.