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Budget 2014: Govt to Soon Start Work on Creating Smart Cities

No Comments Sub Category:Real Estate Posted On: Jul 10, 2014

AirportThe Finance Minister has emphasised on measures to encourage development of smart cities. In this wake, he has announced an allocation of Rs. 7,060 crore for building smart cities and creating seven industrial cities. The finance minister has also focused on strengthening infrastructure by providing Rs 37,850 crore via NHAI to boost road network and Rs 500 crore to improve rural power infrastructure. All these steps are expected to achieve Modi’s ambitious dream of building 100 smart cities.

Background

One of the key agendas in the present government’s manifesto was to create 100 smart cities in India. Within one month of forming the government, the central government was already mulling ways to create these smart cities. The government was looking at doing this in two ways: to convert existing towns and cities to smart cities and to create new smart cities.

Making existing cities smart

There are already several cities, old and new, that have witnessed a decent infrastructure growth in the last few years. One of the plans of the Modi government is to develop satellite towns around these cities as part of the plan. Some of these cities include Varanasi, Amritsar, Kolkata, and Ghaziabad and Greater Noida in NCR.

Building new cities

While many existing cities can be made smart, the government is also looking at creating new cities wherever possible. Dholera in Gujarat and Shendra in Maharashtra are two such examples. Both the proposed cities have the advantage of lying on the DMIC corridor.

The DMIC Development Corporation (DMIC) is already seeking Rs 7,500 crore for building three new cities along the corridor including Dholera and Shendra. The total project cost is estimated to be approximately Rs 6,00,000 crore. While the Centre is expected to provide Rs 7,500 crore, the remaining funds are expected to come from the State governments in the forms of land and equity. The Japanese government agencies are also providing cost effective financial support.

There are already several mega infrastructure projects such as DMIC and golden quadrilateral that will fuel the creation of these cities. The new urban renewal scheme being prepared by the Modi government and the proposed diamond quadrilateral too will help in creating more smart cities in the country.

 

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