A move closer to turning Indian cities smart, the government, under its ambitious Urban Development Minister M Venkaiah Naidu recently announced a list of 13 more cities that will be developed under the Centre´s ´Smart City Mission´.
The interconnectivity of a city, smart or not, is undeniable. The city is one of the most complex societal systems to exist, and the more complex the system, more profound the effect of a single event.
As the National Housing Bank (NHB) rightly noted recently, in most of Indian cities prices of new homes are expected to come down. Nearly five lakh apartments are expected to be delivered by builders this year, say reports. So, if you have been waiting to buy a home, this could be the right time for some bargain hunting. As per the NHB Residential Housing Index Residex, 22 of the 26 cities in India have seen a decline in home prices between 1 per cent and 5 per cent in the April to June quarter.
In the last ten years, prices of luxury properties in key Indian cities including Mumbai, the national capital region (NCR) and Bangalore have appreciated 10-fold, says a report by real estate consultant Jones Lang LaSalle on July 1st. Luxury projects yield much higher returns to developers than projects geared towards the affordable and mid-income segments, the report said.
Prices of properties in key Indian cities, including Mumbai, Delhi, Bangalore, Ahmedabad, Kolkata and Chennai, have seen a significant rise in the quarter ended December from the preceding quarter when they either remained stable or went up marginally, according to the National Housing Bank (NHB) Residex released on February 25.