Private Sector To Participate In Smart Cities

The government is going to formulate the policy for its mega plan to convert 100 existing cities into smart cities. The private sector will be allowed to participate in the process, Urban Development Secretary Shankar Aggarwal said.

"We are putting the pieces together and trying to create some kind of a policy framework so that a large number of private sector entities can get into this business and create more jobs. And whatever needs to be done in terms of availability of land, in terms of the plethora of red-tapism and rules and regulations, we will do," Aggarwal said at the National Real Estate Summit organised by industry body PHD Chamber in Delhi.

The government is also in the process of finalising bylaws and floor area ratio (FAR) norms to find a way to fully utilise the existing land in the country, he said. “Why should we acquire so much land unnecessarily? Can we not make use of the existing pool of land? I think it can be done. Why don't we go in for vertical development with 50, 100 storey buildings?" he asked.

Connaught Place, for instance, is today one of the most expensive real estate in the world, but it is artificially created, he said. "This is because we do not bring in more land into the pool or we don't allow the existing pool of land to be developed optimally. We've got to change our system. The government is looking into it," Aggarwal said.
Image: Thinkstock