A 'Smart' Way For NRIs To Enter Indian Realty

The real estate sector in the country got a major shot in the arm when the Prime Minister Narendra Modi-led Government at the Centre announced his flagship smart city project. The Government has already picked 100 cities across India to be developed into more livable and inclusive places, driving the economic growth in turn. Mumbai, Kolkata, Lucknow, Jaipur, Ranchi and Bhubaneswar are among the cities that have found a place in the list. Uttar Pradesh is on top with 13 nominations. A budget of Rs 48,000 crore has been earmarked for the ambitious project.

This is an indication the sector will witness a fast pick-up in growth and will attract investments by NRIs (non-resident Indians) in future. As the country now offers a plethora of options, NRI investment in here may go beyond the residential segment. The smart city project could be one such opportunity.

Why invest in Smart cities in India?

Under the plan, these smart cities will be convert into areas that have enough infrastructural facilities to enable the development of commercial and residential projects in India. The Government plans to incorporate technologically advanced practices for waste management, traffic management, and security, among many other civic and residential amenities. Power distribution and supply will be through a special smart city grid.There are also plans to encourage green practices such as using solar powered streetlights, energy-saving public transport systems, cloud servers, and many more in these cities. With such tools to enhance the living experience in these areas, the investors are bound to witness a boom in real estate projects in the coming years.

E-check the status

Developments in the smart city project can be checked and tracked online. For someone living outside the country, this will be a major help.

Global players on the pitch

These smart cities are also bound to rope in internationally acclaimed developers, given the schemes the Government is offering.

Bright future

Land scarcity and rising property prices in the metros have hindered growth in the sector. There is a lot of scope for high returns for NRIs investing in upcoming projects in India. The smart city project is a sure shot option in this case.

Looking long-term

The smart city project is a long-term plan and the real potential of these will be realised once the projects have been completed for delivery. To enjoy high returns by investing in the project, a long-term thinking is the key.