Amravati City, from Maharashtra, is selected for the Smart City project by the Narendra Modi government started in the year 2015. It is the second-largest city of the Vidarbha region after Nagpur. The city has been abandoned several times due to different reasons like famine, but reconstructed and redeveloped time and again for the count of 1 more. This is the time when this loved city of ours will be restructured without being abandoned and will get a new look soon.
Let’s start understanding the concept by defining ” Smart City” in the Indian setting, as there is no single universally accepted definition. Ideally, it is the picture of city life, containing the wishlist becoming true in the areas of infrastructure and services offered to the people. When we talk about Amravati, it is the historically valued city, having core infrastructure already available and thus offering a decent life to its citizens. The purpose of including Amravati in a smart City mission is to improve the standard of living of people by promoting local area development in terms of real estate. New areas will be getting developed around the city to accommodate the increasing population and thereby giving rise to the Profit areas of the real estate sector in the city.
The progress of the smart City Amravati will certainly bring the major wave of opportunities through the perspective of the real estate sector. An increase in population is going to need better places to stay, innovative places to work at, and creative places to relax at. This entire process will not only give rise to the residential areas, but also basic service sectors such as sanitation, grocery, transport, malls, etc. This will increase the purchasing power of the whole community and thus will result in the need for entertainment services offered, such as theatres, gardens, Gaming zones, etc.
An increase in technologically advanced workspaces, such as big IT sector companies, thus hight speed internet connections for them, and therefore increasing need to control the entire process will give rise to the service industry. The booming service sector will increase the population of people working in, and therefore growing need for affordable housing schemes for them. At the same time, high-rise gated communities are going to be the favorite choices of people working in the IT industry specifically, and other high-profile jobs also.
We will now try to understand pointwise how real estate can be benefited by Amravati City is included in the Smart City project:
1. Increase in residential areas:
The Smart City project will bring better infrastructure to the city, thus inviting more business opportunities for people. This will attract more people to settle down in the city and will need proper houses, which will give rise to more infrastructure needs in the city and therefore the cycle will continue to not stop benefitting the real estate sector.
2. Increase in prices of the real estate:
Amravati will acquire non-developed, barren lands and then will bring them under planned development. Present infrastructure will be given a renovation, that will give rise to the rise in price and will benefit extremely if properly invested in the real estate sector.
3. Bringing barren spaces under development:
Smart City project includes the development of open areas such as gardens, green gyms, parks for children, open theatres, shops at open places, etc, giving progress to every land available in the Amravati City.
4. Increase in transportation facilities:
Almost all smart cities have metros planned, and if not metros, then at least sustainable roads. Once the transportation cost and time to travel decreases, the purchasing capacity of people will be diverted solely towards affordable houses.
5. Increase in the tourism industry:
Smart City project will support the rise of hotels, recreational parks, various entertainment activities, and spaces and renovation to already existing tourists’ attractions. This will increase the tourists’ flow in Amravati City, which can further contribute to the city’s revenue.
We, at Rachayati Realtors & Developers provide have a new project called Rachayati Crown in Amravati City. This new upcoming project consists of 1,2 & 3 BHK Flats with all the latest amenities and facilities. Contact us to know more about the project!