What PM Narendra Modi Can Do For NRI Real Estate Investors in Silicon Valley

Prime Minister Narendra Modi is set to meet the business leaders in Silicon Valley soon. The primary agenda is to make progress on the government's projects like 'Make In India' and 'Digital India'. He would meet the leaders of Facebook, Tesla, Google and Cisco, among other companies. A look at how PM Narendra Modi can encourage Silicon Valley engineers and entrepreneurs to invest in real estate in India:

In Indian cities like Bengaluru, Gurgaon and Mumbai, the private sector is flourishing, while the public sector is not quick enough in meeting the infrastructural needs of the former. To encourage Silicon Valley entrepreneurs to invest in real estate in Indian cities, the public sector must provide better infrastructure and other basic needs such as water, sanitation and electricity.

To attract investment in real estate, Indian cities should improve the quality of services that urban municipalities provide. Here is an example: Bengaluru is known as India's Silicon Valley. But, two years ago, the trash haulers in the city went on a strike because they were not paid on time. As the strike went on for weeks, garbage piled up across the city. The government can further improve civic facilities in cities such as Bengaluru, which contribute more to India's gross domestic product (GDP) growth.

The way urban space is organised in Silicon Valley is very different from the way in major Indian cities. In the Silicon Valley, use of public transport is very rare. However, using a private transport in most Indian metros is not as feasible due to the building density in these cities. To encourage greater investment in real estate, the government should adjust the transportation networks in cities.

The government is already focusing on Transit-Oriented Development by allowing taller buildings near mass-transit corridors. This would make Indian cities more fit for public transport and allow people to reach their homes and workplaces easily. While PM Narendra Modi has allowed higher building density in major cities of Gujarat, a number of Indian cities need to follow suit to develop better and attract investment from the NRIs in the Silicon Valley.