Real estate in India within smart cities will benefit more from better physical infrastructure rather than from components envisioned to transform a city into a truly smart city. The government’s goal to create numerous smart cities within the next few years may not be achievable as numerous holistic components necessary to create smart cities are missing. Experts intimately close to the smart city projects have stated that nearly 80 percent of the funds allocated towards the smart city projects will be used to create physical infrastructure rather than to enhance the technology prowess of an upcoming smart city.
Deterrents to Creating Smart Cities
Till date the initiatives to create smart cities lack a holistic approach. This deters those involved in the project to envision the entire project from start to finish. Additionally there is a lack of a viable revenue model for the construction of such cities. Much of the realestate in India will have to wait for many more years to be counted as a part of a smart city since only 10 percent of the smart cities projects within three years are expected to be of a large scale.
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A Poor, Casual Approach
While technology is meant to be efficient and enabling to users, today the smart city project in India suffers from a property structured approach. Experts have stated that Project Managers in charge of creating smart cities would benefit from interacting with city and state departments who lie outside the technology component of smart cities. Doing so would allow Project Managers of upcoming smart cities to not only better understand large-scale infrastructure projects but also allow them to envision Internet of Things for upcoming smart cities. For Property in India located in upcoming smart cities, being Internet of Things enabled will be crucial to its smart city identity.
Governments Appointed CEO’s
There is some reason to cheer as the central government has appointed CEO’s for every smart city in the country to ensure that smart city projects are viable long-term projects and to ensure that such cities are built in a holistic manner.
Recently appointed CEO’s will need to form proper communication channels with those involved in the smart city project under their care. As only 20 percent of the funding available will be used for the smart city product, solution, and service component; the need to fund smart city projects thru the aid of service providers is favored by experts.property in India will benefit from being located in a smart city yet the funding provided to the city council may be inadequate for the building, operation, maintenance and support of a smart city.