Investment in real estate is never a bad idea. And especially not in 2022, with smart cities popping up across the country, courtesy of the Smart Cities Mission launched by the government of India.
With improved living standards, better sustainability, and technology-driven infrastructure, these cities are sure to become residential, commercial, and trade hotspots in the future. So if you have been on the fence about where to invest, your answer is here.
Below are some other reasons why you should invest in smart cities in 2022.
Since most of the smart cities are built along prominent national highways, they’ll provide unparalleled intercity connectivity. Plus, the cities will also feature end-to-end metro railway systems, along with elaborate bus and cab networks. This will make intra-city travel a delight for cities’ inhabitants.
Also, smart cities without any air transport infrastructure will also get their own airport under the Smart Cities initiative.
Historically low interest rates
To counter the economic slowdown brought on by the pandemic, the RBI issued a reduction in REPO rates in 2020. As a result, home loan interest rates in India have been at an all-time low for over a year now. And the trend will continue in 2022 as well, making it an ideal year for residential investment in a smart city.
Moreover, since the property prices are also relatively low, you can reap heaps of returns, as the property prices will inevitably appreciate.
Additional Read: What are the Core Facilities in a Smart City?
Safety and security
Indian smart cities feature technology like IoT, Wi-Fi, and real-time surveillance cameras to increase incident response times and improve resident safety. Law enforcement can significantly benefit from fast and detailed information provided by connected crime centres, license plate recognition, and body cameras.
Moreover, new surveillance camera features like fire, and smoke alarm capabilities, facial recognition, and even door operation can help lower crime risk. All in all, these technologies help make communities safer.
Given their excellent connectivity and low property prices, many MNCs and manufacturing giants will set up camps in smart cities. It’s not too far-fetched to assume that these cities will gradually establish themselves as commercial hubs. In fact, many companies have already set up headquarters and offices across these cities.
For instance, Tata is building an electric vehicle battery manufacturing plant – the first in India – right in the heart of Dholera, one of the proposed smart cities. The presence of such big players will create a surplus of quality job opportunities, making smart city investment in 2022 an incredibly smart move.
Additional Read: What is a Smart City? How to Invest in a Smart City?
Start living smart today!
Whether you’re planning on living in the house or looking for a rental source, investing in a smart city is a wise choice. Especially with the excellent living standards it offers, along with the potential of rapid price appreciation.
Don’t have the funds? Well, Tata Capital is here to help you! Opt for our home loan today and enjoy a slew of benefits like competitive interest rates and swift processing.
Use our home loan EMI calculator today and understand your EMIs before applying.