This Article is From Jun 25, 2015

Realty Industry Welcomes PM's Smart Cities Mission

Realty Industry Welcomes PM's Smart Cities Mission

Mumbai: Welcoming Prime Minister Narendra Modi's mega flagship schemes aimed at developing smart cities, realty industry said the move will provide the much-needed impetus for infrastructure development and strong growth for allied industries.

PM Modi on Thursday launched three projects -- 100 smart cities, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Housing for All -- which will entail an investment of over Rs 3 lakh crore in the next five years.

"The urban reforms drive will provide the much-needed fillip for infrastructure development across India. Investments of more than Rs 3 lakh crore planned in next five years under the three schemes will provide a strong impetus for growth in more than 250 allied industries," SARE Homes managing director David Walker said.

According to DLF whole-time Director Rajeev Talwar, these programs will generate employment opportunities.

"A comprehensive policy on urban rejuvenation was overdue because cities have emerged as growth engines for our economy. They provide employment opportunities to migrating rural population and the move of the government will provide tremendous relief to this segment," he said.

The Smart City project seeks to enhance quality of life in 100 selected cities, while AMRUT seeks to ensure basic infrastructure for 500 cities with a population of above one lakh.

Echoing similar views, realty apex body Credai's president for NCR, Manoj Gaur said, "Today India is in dire need of an infrastructural push. Development of smart cities and rejuvenation of existing cities would certainly revamp their current status and would help India relish its ambition of housing for all."