Towards a hundred smart cities
Ever since the new government’s announcement of its intent to build a hundred smart cities in India, the nation has been abuzz with definitions of, fund allocations for, and city identification of such development. With good reason too, since the implementation of such ambitions would ultimately result in national wealth creation—to help our cities become sustainable and livable urban centers of growth.
Turning to the key steps needed to create one, a careful study of sustainable cities around the globe—from Copenhagen, Curitiba and Cape Town to San Francisco, Sydney and Singapore—would reveal the following points that are common to all:
Reality of NRIs interest in Indian realty-III
The rupee fall may be an opportunity for new investors in property but is also a problem for those already invested. NRI investors who had put in money in Indian real estate due to the high returns are suddenly finding the returns eroded. NRIs who hold premium properties are getting jittery and many have started selling.
Though property prices in prime areas have been rising consistently, the problem is that after the fall in the rupee, their returns have fallen to 10-15 per cent or less. As returns decline, with extent and time horizon uncertain, some of these investors look to shift to safer zones.
Mudassir Zaidi, Regional Head, North, Knight Frank, says after the rupee’s sharp fall NRI investors were in two minds, “whether to stick around or exit.” He believes as NRIs are unsure how long the rupee would continue to fall, they are evaluating options. “After the rupee broke the psychological barrier of 60, there is a clear uncertainty on whether it will fall to 65-70 or more and how long it will continue to languish at these levels,” says Zaidi.