Releasing the list on Jan 28, 2016, Urban Development Minister Venkaiah Naidu said these 20 cities will be the first to receive funds. The next two years will see the inclusion of more and more cities, he said.
Apart from the citizens living in those cities, the news has also come as a major morale booster for the real estate sector, which has been witnessing a slowdown for some time now.
Hailing the move, Confederation of Real Estate Developers Associations of India (CREDAI) CREDAI said that the initiative would provide a huge opportunity for the sector, especially in the affordable housing segment.
“It’s a good initiative by the government. Satellite towns around these smart cities will be good opportunity for the real estate development, especially the affordable housing segment,” news agency PTI wrote quoting CREDAI President Getamber Anand.
While this initiative will involve largescale retrofitting as well as redevelopment, these cities could become showcases of urban infrastructure development, encouraging others to follow the suit, said CBRE South Asia Chairman & MD Anshuman Magazine, according to reports.
The Smart City initiative would be a game changer in raising the standard of infrastructure in the cities in the country, said Shubhranshu Pani, MD – Infrastructure Services, JLL India. The company supported Bhubaneshwar and Chennai in their bid for smart city makeover.