- The government today proposed an allocation of Rs 7,060 crore in this financial year for developing 100 'smart cities' in the country.
The government today proposed an allocation of Rs 7,060 crore in this financial year for developing 100 'smart cities' in the country.
"The Prime Minister has a vision of developing 100 smart cities as satellite towns of larger cities and by modernising the existing mid-sized cities. With development reaching an increasingly large number of people, the pace of migration from the rural areas to the cities is increasing," Finance Minister Arun Jaitley today said while presenting the Budget for 2014-15.
The new cities should be developed to accommodate the burgeoning number of people, otherwise, the existing cities would soon become unlivable, he added.
He added that projects committing at least 30 per cent of the total project cost for low cost affordable housing, will be exempted from minimum built up area and capitalisation requirements, with the condition of three year lock-in.