Get­ting ready for the ci­ties of the fu­ture

HT Estates - - HTESTATES -

The Bud­get states that the fruits of de­vel­op­ment reach an in­creas­ingly large num­ber of peo­ple, the pace of mi­gra­tion from the ru­ral ar­eas to the ci­ties is in­creas­ing. A neo mid­dle class is emerg­ing and it as­pires to have bet­ter liv­ing stan­dards. Un­less new ci­ties are de­vel­oped to ac­com­mo­date this bur­geon­ing class, the ex­ist­ing ci­ties would soon be­come un­liv­able.

The prime min­is­ter has a vi­sion of de­vel­op­ing one hun­dred smart ci­ties, as satel­lite towns of larger ci­ties and by mod­ernising the ex­ist­ing mid-sized ci­ties. To pro­vide the nec­es­sary fo­cus to this crit­i­cal ac­tiv­ity, fi­nance min­is­ter Arun Jait­ley said he had pro­vided a sum of ₹ 7,060 crore in the cur­rent fis­cal.

“To en­cour­age de­vel­op­ment of smart ci­ties, which will also pro­vide habi­ta­tion for the neo-mid­dle class, re­quire­ment of the built-up area and cap­i­tal con­di­tions for FDI is be­ing re­duced from 50,000 square me­tres to 20,000 square me­tres and from US$10 mil­lion (₹1crore) to US$ 5 mil­lion (₹50,000) re­spec­tively with a three year post com­ple­tion lock-in. Re­cent bud­getary an­nounce­ments for FDI pol­icy in con­struc­tion de­vel­op­ment that will im­pact the smart ci­ties Min­i­mum built-up area re­duced from 50,000 to 20,000 sq m Min­i­mum cap­i­tal­i­sa­tion re­duced from US$ 10 mil­lion to US$ 5 mil­lion Projects com­mit­ting 30% of project cost to low-cost af­ford­able hous­ing are ex­empted from min­i­mum built-up area and cap­i­tal­i­sa­tion re­quire­ments

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