Today is the age of smart. Gone are the days when a mobile phone was used just for talking. With a smartphone you can do more than just talk. You can listen to music, surf the net, download movies, play advanced games and even control appliances in your home. Then there are smart homes. Thanks to Internet of Things (IOT), you have a number of devices which make your home a smart home. You can close your curtains; switch your lights and appliances ON/OFF and even remotely monitor your home, using an app on your smartphone. But a smart city? A city which promises you all the comforts and conveniences using the best of technology? With the best Organizations in India and the World, joining together to make this possible, your dream could soon be a reality. Time for a saying “The Battle For Life On Earth Will Be Won Or Lost In Cities”.
A city which uses a lot of technology, to make your life simple and comfortable in an environmental friendly way. This is a smart city. This city has adequate supply of water and electricity, excellent solid waste management, intelligent traffic management systems and excellent healthcare facilities. A smart city has very good schools and colleges, cares for the safety of women, children and the elderly and also has very good transportation managed by IT systems. A smart city will have Wi-Fi connectivity, which matches the best cities in the World. It has affordable housing for the poor. A smart city has e-governance, which encourages citizens to participate and give suggestions on how to govern the city.
Citizens are migrating from rural areas to urban areas in search of jobs. More than 81 crore of our citizens will be living in cities by 2050. The Government has to do something about this. The solution: Smart Cities. The Government had come up with a list of 20 smart cities across the country, in January this year. The Prime Minister Narendra Modi, had announced the coming up of 100 smart cities, by the year 2022. Germany has promised to help develop cities like Kochi, Coimbatore and Bhubaneswar into smart cities. France will partner with India to develop Chandigarh, Nagpur and Puducherry. Australia is waiting in the wings.
If you own land near a smart city or on its outskirts, expect the price of this land to shoot up. Do you want to make money out of this land? You will need a long time horizon. If you are the type who wants to sell this land within 2 years or even 4 years, you might not get a high price for it. Many projects which make the city smart, would still be in the implementation stage. It could be several years before they are completed. Do you have a lot of patience? Then wait till the projects are completed and then sell your land. Your profits would be high. You will of course, have to use a little common sense. Check out the ground reality by actually visiting the smart city and see how the projects are progressing.
Own land near a smart city? Expect a developer to approach you, hoping that you would sell your land to him. When a smart city is announced, all land even on the outskirts, is picked up in no time. Developers and builders will approach you, to purchase your land. Developers would construct a building on this land and sell apartments to their customers, who want good real estate near a smart city. Citizens prefer apartments which are on the outskirts of a smart city, as their prices would be lower compared to an apartment within a smart city. Citizens would buy apartments to make a good investment. Citizens could also stay in these apartments and commute to the smart city to work. This encourages developers to purchase your land and make a huge profit, by constructing a building and selling apartments. The demand for your land increases. The developer is willing to give you a good price for it.
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A developer could buy your land which is near a smart city and construct a building. He might offer you apartments in the building, once the construction is complete. This is an excellent opportunity for you to rent out these apartments and earn good money. With a number of citizens migrating to smart cities in search of jobs, you can expect excellent transportation facilities from the outskirts, to the smart city. Citizens would stay on the outskirts of the smart city and commute daily to work. There would be no shortage of citizens seeking apartments in this building. You get an excellent opportunity to earn rental income.
Smart cities have no boundaries. As the demand for land increases, smart cities expand. You could find yourself owning land within the smart city. You could sell this land for a very high price. You could also retain this land, construct a house and live and enjoy life in the smart city.
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