The Delhi-NCR region particularly Gurgaon, has long been a magnet for real estate activity, fueled by its economic growth and connectivity. Over the past few years, the emergence of new concept of smart cities has further added a separate layer to the property market here, creating a ripple effect of growth, innovation and opportunity.
Smart cities project by the government are the blueprint for urban development today. In the context of Delhi-NCR, the smart cities project has redefined the way people live, work and invest in real estate. But how does it effect property market in present scenario? Let’s have a look.
What are Smart Cities?
Smart cities take benefit of technology to create sustainable development, efficient and livable urban environments. The smart cities integrate infrastructure, smart governance and eco-friendly processes, all together aimed at improving the quality of life of residents. The key features given below:
- Upgraded public transportation systems
- Smart waste management
- Energy efficient buildings
- High-speed internet connectivity
- Real-time Monitoring of utilities
In Delhi-NCR various cities like Gurgaon, Noida and Greater Noida are emerging as front runners in smart city project implementation.
Impact of Smart City Project on the Real Estate Market
- Rising Demand for tech Enabled Housing
The integration of smart technology into urban development has created a growing demand for tech enabled housing projects. Homebuyers are more inclined towards properties equipped with automation, IoT devices and energy efficient solutions. Developers in NCR region are responding to these demands by incorporating these features, making smart homes the new norm. - Improved Infrastructure-Drives Growth
Under smart city project the government primarily focusses on infrastructural development, which includes improved roads, metro connectivity and seamless access to public utilities. For example, Dwarka Expressway and new metro lines have significantly enhanced accessibility in new sectors of Gurgaon. This ultimately results in driving up the demand of property and prices. - Emergence of Mixed-Use Developments
The primary focus of smart city project is to encourage development of mixed use of an area like residential, commercial and recreational facilities within a single project. This is very much evident in areas like DLF Cyber City, Galleria Market and Jaypee wish town, where residents enjoy living near to their work place and leisure hubs. - Enhanced Value of Property
The properties in smart city zones are witnessing higher value appreciation. The blend of better connectivity, eco-friendly practices and superior amenities makes these areas more preferred for both end users and investors. Area like new sectors of Gurgaon and greater Noida are examples where property prices have surged due to smart city initiatives. - Focus on Sustainability
One of the key drivers of smart city project is sustainability. Green buildings, solar energy usage and water conservation methods are common practices in Delhi-NCR real estate projects. These factors not only effect the environments but also attracts eco-friendly buyers, adding value to the proposition of the project.
Challenges and Opportunities
While the role of smart city initiatives transforming the real estate market of Delhi-NCR market is undeniable, Challenges remain. High cost of implementation, little awareness among the buyers and red tapeism in government departments can slow down the progress. However, with continued support from government and innovation in private sector, these challenges are being addressed to the great extent.
Conclusion
The smart cities has been phenomenal in setting up the benchmark for urban living by blending technology, sustainability and livability. For property buyers as well as for investors the smart city revolution presents a unparalleled opportunity to be part of a transformative journey. Either you are looking for tech-enabled home, a high value investment or simply a better quality of life, smart cities initiatives are paving the way. As these initiatives gains momentum, the real estate of Delhi-NCR especially Gurgaon is poised for exponential growth, making a present time a perfect for exploring the opportunities.
