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Modi Govt. budget to indulge smart city projects

The budget 2015-16 will include many schemes for the optimum development of smart city projects and high-speed trains. The finance ministry has started chalking out about the enclosure of new departments and set of fresh ministers for this vast project development. With the invention of internet world seems so smaller, now moving from the desktop arena word gets even concise after the arrival of smart phones. People don’t have to be in the log cue for paying bills/shopping/ chatting with buddies/ watch movies/ banking transactions, a single click can do the trick within a wink. Similarly some revolutionary idea needs to be born for planning advanced cities with the emerging timetable. The Govt. has promised to display a showcase of neat and elegant city, for this purpose a section of budget of 2015-16 has been allotted. Within 2018, it is expected to meet with such 100 well-groomed technically equipped cities.
The Govt. has shown some positive moves in this matter, a few smart cities already have taken shape across the country. Kochi smart city, Gujrat International Finance Tech-City (GIFT) in Ahmedabad, Naya Rajpur in Chhattishgarh and Wave Infratech’s 4500 acre smart city near New Delhi are already included in this massive project. These projects are like exemplary models for the rest of the up-coming project. Now coming to the investment part, the common question is if cities will be planned in this manner coming to our city will the price of the residential flats in Kolkata be same as it’s now?

What is a smart city?
Smart cities are defined by extensive use of technology to make life easier and faster. Simultaneously the eco-logical balance shouldn’t be affected due to this execution of higher version of technology. These are supposed to be the way outs of making India free from old set of improper city planning and their poor maintenance. Not only technical strength can make a city smart. There has to be an adequate supply of water, electricity, sanitation, education, transport, public safety and medical facilities. Smart city project is all about handling these major deliverances technically for further efficiency. Specific parking area with smooth operating traffic service, smart framework, smart lighting, and efficient garbage management will fasten the success rate of this project. This smart city project was first brought in Barcelona during 2012. The city traffic management, lighting, remote watering and fountain project left the rest of the world awestruck.

About the Indian initiative and your question of investment
This initiative is the collaboration of Indian IT department and Housing & Broadcasting development. After setting astonishing examples in Kochi, Gujrat, Chhatishgarh and New Delhi experts have plans to set automated traffic signals, electricity and water metres for reduction of bills and control power wastage, buses will send notification of their arrival, mechanized sewage control, fibre optic connectivity, 24*7 panic alert CCTV supervision system. They are even planning to reuse 80% of garbage to regenerate power. Solar power is likely to be used in the space of electricity.
Smart cities can be really a bright option for the property investors. At the present real estate market of these cities are negotiable. But the mercury will go up within a few months based on the features and offerings. Experts suggest for long time investment rather than indulging any short term commitment, as these projects are in under development condition, let them flourish along with those big promises. No one can predict the future.

Few compromises that you have to go through while buying your dream home

Have you set-up your mind for buying a home finally? All right…. Then what would be in your priority list if you want to buy any residential property from the huge variety of flats in Kolkata? Before buying any real estate item we always pet a common lean towards large scale construction and spectacular amenities. But for the beginners they have to trim the search according to the range and reach. For example every property portal in Kolkata offers different class of housing estates of different pricing under the segment of residential property sale in Kolkata. One has to do the market research thoroughly, after short-listing the search, single-out the best one. So, how do buyers decide their nest among the rest? Before this major investment 3 or 4 key points will always fly around your thoughts- Price, Size, Location and Style. In the most cases people become partial towards one and compromise the other vital three. But in case if you get an assimilation of these four in the form your co-op, then you hit the jackpot, which is kind of infrequent instance. Let’s see what the experts have to opine regarding Kolkata’s residential property selling nature-

Location and price– This is the most common aspect on which buyers and agents have head on collision. People are willing to buy flats which are close to the highway with nearby amenities like shopping mall, market place, restaurants, hospital, parks etc. Naturally the options which flats in Kolkata have comprising these urban services are of high priced. Hearing the cost information willing buyers start stepping reverse. If the agent by fluke provides any option within their preferred area but a little small in size, then also they are not ready to compromise. After all it’s their home, how come anyone can adjust within a smaller living space with the same family accommodation? But people need to realize that downtown homes are always priced above the margins. Therefore purchasing a dream flat within decided location and affordable budget often gets disapproved from buyer’s preconception.
Square foot, yards and architecture– Not everyone is obsessed with square foot, end of the day you can sacrifice guestroom, play room, dining room, lawns etc. But the living room has been eternally set on the top of the chart. Bedrooms need to have a bigger space for free movement. Always the mid ranged buyers have a fascination for decent neighbourhood. But from the real estate expert’s point of view you should always have an open square for future family expansion or surprise guest visit. Please rethink before you constrict your future settlement.

Plenty of buyers imagine about horizontal greeneries, garage, outdoor pool etc. It’s good to get a descriptive view of a classy architecture. But in most of the cases running after these fancy boxes causes drainage of huge sum or these advance facilities generate a usual negligence from your basic requirement. Therefore always cut the cloth according to your coat. When compromises have to be made the aesthetic portion is chosen to be better overlooked.

Rental commercial properties in Kolkata are likely to have hike, supported by 20% shoot in transactions

There is a surprising change in Kolkata’s present commercial property market, where an average deal size commercial property of 7500 sq ft remains the same inert, but for the rented commercial properties, market experts are predicting a straightway march of 5-10% greater value in coming days. During the last two quarters the real estate market has been seeing approx 20% abrupt development in overall transactions. Apparently it’s a slight healthier option to buy commercial property in Kolkata than going for rental condition as per the recent market perceptive.

Going by the expert advice it is foreseen that the rental cost of commercial properties in Kolkata is going to have a rush leap of 5-10% within coming 6 months in major investment areas like Salt Lake Sec-V, Rajarhat, and other commercial line-up of the E.M. Bypass and Topsia area. Whereas the regular deal of 7500 sq feet commercial property is on a lower cascade. Experts say near about 3 lakh sq feet of commercial realty space was taken on rent in the beginning of 2016. People, who think that this flair comes out of the IT industry domination, have to alter their conception regarding the same. This growth is majorly centred on the rapid expansion of home-grown companies. Global IT firms are rather keen on having a giant commercial set-up on lease. Comparing with the other cities Kolkata is much active because of its slowdown policy despite profusion of such dwellers.

Above all the Bengal Govt.’s SEZ policy is real obstacle for IT- software and hardware industries to invest in this state. This has been a crying issue against West Bengal’s economical growth. In 2011 when TMC had been set as the ruling party of Bengal this major lapse in system took place. There is a common speculation on the Govt.’s decision to pull the policy to grant SEZ status to the industry. It would help tenders from Wipro and Infosys to decamp. Wipro has made recently a fresh application for ITIT facilitated services SEZ rambled over 19.8 hectares at Rajarhat. The basic demands for commercial spaces in Kolkata are coming from Banking and financial companies for setting up their regional offices, telecom companies for their customer offices and FMCG companies for their retail units.

7th Pay commission- Realtor are expecting home sales to rise

Real estate industry is hoping to improve property price after the execution of 7th pay commission rule. Prices are currently on a lower stage because of the slowdown in the Indian real estate market. Two top associations of realtors CREDAI and NAREDCO– stated that real estate sector would also profit from sanction of the model law that allows shops, malls, multiplexes among the other concerns to run 24*7 throughout the year. They are expecting according to the 7th pay commission recommendation this initiative will lead to wise investment by the Govt. employees for purchasing residential properties. The current market shows down arrow in real estate price while gold price is ruling the chart, for the stock market is also on the higher octave. Thus realtors are expecting funds to be invested on real estate sector and business will augment accordingly.
A recent real estate research says that there is a great pay hike in Govt pay scale as well as in the pensioners’ scheme; therefore there is a probability of more liquidity in the market which will lead to multiple investments into real market from the sector of Indian Govt. Another important addition to this movement is the approval of Model shops and Establishment Bill. This initiative will increase the employment level and further economic turn over. The people of India will have the more choice to shop anything from anywhere. Thus the sale of shopping malls and retailers will also jump up. This wave won’t just be restricted into the shopping malls, all the online and offline e-commerce sites, property portals, and other trading and service industry are expected to draw optimum profit along with a developing employment factor.
On the whole the retail sector in India specifically the logistic and warehouse dept will positively the get profited in a long run with this working law. In Kolkata property portals that are offering a wholesome residential property sale in Kolkata, will also see higher margin of profit from its virtual consumers, expected by the realtors and other market experts. As per the market graph it’s a correct time to invest on flats in Kolkata.

Govt. to prop up provincial planning for housing demand

An initiative of bringing an economical housing scheme to the urban frame against exceeding demand of housing
Govt. will now endorse regional planning for construction of houses in satellite townships, peri-urban and outermost areas to meet the demand in urban areas. Ministry of HUPA (Housing & Urban Poverty Alleviation) inaugurates an international workshop on planning and developing of peoples’ settlement on June 24th.This programme is designed for urban poor people so that they would get a planned roof within 2022 for their subsistence. Shri Babul Supriyo the minister of HUPA emphasized the need to assist the poverty-stricken people even in the remote places beyond the planning periphery. As a part of this series we might see low-budget, supple flats in Kolkata and in other under developed areas of the city specifically designed for the lower income group. The minister also informed about different initiatives launched by the Govt. to deal with transport hold-ups and housing scarcity in urban areas.
According to the sources the ministry of HUPA is close to finalize a realistic, effectively operating and pragmatic Rental Housing Policy in which might recover 27% of the housing demand for such rental housing. Only an efficient planning can resolve this crying need of housing for different groups of destitute populace and that of against the rising price of the plots, supplies and the availability of local labours. ‘’Pradhan Mantri Awas Yojna (Urban)’’- Which symbolizes home for all the low-income group people is being permitted in the planning regions which are far away from the main city outline. The entire set up needs to be done in the perspective of rural-urban perpetuity like Shyama Prasad Mukherjee Rurban Mission build up- (i.e. a model example for these types of projects). The workshop arranged by the ministry of HUPA for interaction of ideas related to the other same patterned housing projects happened in several south Asia-pacific nations. Countries like- Japan, South Korea, Myanmar, Sri Lanka, Afghanistan, Iran, Iraq, Fizi have attended the workshop. With the success of these Govt. undertaken projects there will be a fixed solution to the housing hunger of under privileged persons.