Smart cities are the new buzzword for the ever expanding real estate of India. With the Modi government all set to redefine the Indian economy, smart cities are definitely turning out to be a ‘smart move’. Read on to know more.
What Issac Asimove had depicted about the future, seems to be turning into a reality, though quite slowly. By now when we all have mastered the art of using smart phones, all of a sudden urban cities are also set to become “smart”. 
Urban India is all set to get a new fillip with the new government all set to focus on developing smart cities. With INR 7060 crores allotted for the development of smart cities, a completely new chapter is about to unfold. Let’s explore!
What are smart cities?
Well, while the concept has existed in Europe and the Americas since the early 1980s, the definitions of smart cities continue to remain a little ambiguous. However, narrowly, smart cities can be defined as those cities that make use of information and technology to deliver services to its citizens. Smart cities use information, technology and resources efficiently resulting in a much improved quality and overall lifestyle. So it can be said that at the core of smart cities lie optimal utilization of resources through technology.
While the smart cities in the European Union continue to lead the global space, India is also embracing the concept. The Modi government has taken an extra effort to make things work in India for smart cities.
Significance of Smart Cities for India
The rate at which developing economies are progressing, it is expected that by 2050, nearly 75 of the planet’s population will reside in cities. Needless to say that this massive urban population will throw up new challenges for the environment; in order to address these issues, the government would have to resort to technology. It is at this hour that “smart cities” would come to the rescue. The image below highlights some of the features of smart cities:
Smart cities will bring in a completely new method of functioning and also help in the holistic working. Smart cities in India are on the way of their progression. The BJP government has already commissioned seven smart cities. Out of that three cities will become functional by 2019. These include: Global City, Shendra-Bidkin and Dholera. All the seven smart cities will come across in the Delhi-Mumbai Industrial Corridor. Let’s explore one such smart city that is all set to redefine the future of Indian real estate.
Pallava City, Mumbai Suburbs
Developed by the real estate builder, Lodha Group, Pallava City is one of its kinds in the realm of smart cities. The project will be providing all the features that define a smart city. Lodha Group already has a franchise with the Maharashtra State Electricity Distribution Co. Ltd for a round-the-clock electricity supply. It has also tied up with GE Electronics to ensure 100% recycling of water and automatic water billing. A fleet of CNG buses will be made available that will run daily at regular intervals. Retail chains will also be available for an easy life.
Demand for Smart Cities and Their Prices
The demand for smart cities in India is on the rise. While metro cities have the maximum demands, tier II cities are also gradually following the footsteps. Depending on the city, the demand for smart cities varies between—low-moderate-high-very high. While Bangalore falls under the high-very-high bracket, Pune and Mumbai can be categorized under the moderate segment.
While smart cities are the new buzzword in India, a trend has been observed where the demand seems to be a little laidback. The reason attributed for the same is the high-prices of properties within this premium segment of realty market. Here’s a quick look
| City | Price Per Square Feet |
| Mumbai Suburbs | INR 15000 –INR 25000 |
| Delhi/NCR | INR 10000- INR 20000 |
| Bengaluru | INR 8000 – INR 22000 |
| Pune | INR 9000 – INR 19000 |
| Chennai | INR 5000 – INR 10000 |
Source: 99acres.com
Though, the price tag is definitely a little more than usual, it has not turned out to be a deterrent. Smart cities have a great future in India and Narendra Modi’s dream to build 100 smart cities definitely seem to be an achievable one.
Author Bio: Sampurna Majumder is a professional writer who enjoys creativity and challenges. Barely a year into new media, she
has written several posts, articles and blogs for prominent websites spanning a wide range of topics such real estate, education and jobs. The above post explores the concept of Smart Cities in India.