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Tata Capital > Blog > Loan for Home > All You Need to Know About the Smart Cities Mission Initiative

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All You Need to Know About the Smart Cities Mission Initiative

All You Need to Know About the Smart Cities Mission Initiative

Given the rapidly growing urban population, the Indian government is turning to technology to improve cities’ infrastructure. And that’s where smart cities come in.

On June 25 2015, the Government of India launched the Smart Cities Mission. It is an initiative that aims to drive economic growth and boost the quality of living by harnessing technology to deliver innovative outcomes. Here’s all you need to know.

What is a smart city?

Imagine living in a city connected by the internet, having 24*7 power and water supply, less traffic and improved infrastructure. Does that sound like a city of dreams? Well, this is what a smart city looks like.

Since the smart cities concept is at a nascent stage in India, its definition is still evolving. However, in a nutshell, smart cities are cities that leverage information and communication technology (ICT) to enhance economic development and citizen well-being. A smart city is all about understanding the needs of the citizens and utilising digital tools to meet them.

Additional Read: What is a Smart City? How to Invest in a Smart City?

Smart cities mission initiative – Things to know

Although the government intends to transform all Indian cities into smart cities gradually, the mission is set to cover 100 cities in 5 years. The central government finances it as a Centrally Sponsored Scheme (CSS).

At its core, the smart cities project is all about making cities more efficient and putting people first. How? By focusing on three essential components – city improvement, city renewal, and city extension.

Some of the core infrastructure elements of a smart city will include:

  • IT connectivity and digitalisation
  • Urban mobility and transportation
  • Adequate water supply
  • Assured electricity supply
  • Waste management
  • Affordable housing
  • E-governance
  • Sustainability

Why do we need smart cities?

Since urbanisation is a never-ending phenomenon, most Indian cities are facing deteriorating living conditions, traffic congestion, etc., due to overpopulation and haphazard management of resources. Moreover, more people are expected to migrate to urban cities from rural areas in the near future for better employment opportunities.

Smart cities are essential to accommodate this growing population with affordable housing solutions, improved connectivity, etc., and provide them with comfortable and optimal lifestyles. By using innovative solutions, smart cities can offer a clean and sustainable ecosystem for people.

For instance, they use predictive analytics technology to identify problem areas such as potholes on the roads and cracks in old buildings and bridges that require maintenance. Naturally, prospective home buyers are eager to buy a property with a home loan in smart cities.

Additional Read: Impact of Smart Cities on Indian Real Estate Industry

To sum up

There’s no doubt that smart cities are what the future holds for India. From better infrastructure to lesser traffic on the roads, these cities have a lot to offer. And Tata Capital’s housing loans can help you build or purchase your dream home in a smart city. Get loan amount of up to Rs. 5 crores at attractive home loan interest rates starting at just 6.90%.

Also, you can calculate your future EMIs using our home loan EMI calculator before applying for a loan.

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