Smart city provides immense opportunities for realty sector: Report

NEW DELHI: Smart Cities programme will provide great opportunities for the realty sector with 89 per cent of the proposed Rs 48,000 crore investment in the first 20 such cities would be towards urban development, housing, transportation, water and energy, says a report.

According to a white paper released by RICS, "Smart Cities Mission will provide immense opportunities for high volume real estate development considering the highest chunk of the proposed capital investment in smart cities -about 89 per cent has been allocated for built environment, transportation, water, wastewater management and energy".

RICS said that 7 per cent of investment is allocated for technology infrastructure, while 4 per cent of investment is allocated for public services.

RICS in partnership with RICS School of Built Environment (SBE), Amity University today released a white paper titled, "Urban Makeover: Evolution or Revolution" at the RICS Cities Conference 2016.

"Being a global professional body for built environment, RICS has taken up issues pertaining to urbanisation and vision for cities the world over.

"We are working with central and state government bodies on various aspects and providing technical advice and international best practices; helping structure projects that will go into making smart cities and helping them tap into sources of finance from land and real estate assets on a sustained basis," said Sachin Sandhir, Global Managing Director -Emerging Business, RICS.