Government has said its smart-cities initiative would involve building new cities, including satellites to existing metropolises and modernize existing midsize cities. It still hasn’t settled on a final list of locations. Jaijit Bhattacharya, a partner at KPMG India’s infrastructure division, estimates that it will cost $ 20 billion to create a smart city, so 100 cities would cost around $ 2 trillion–about the size of the Indian economy. India has so far budgeted $ 7.5 billion. Gift city Gujarat latest news by some magic you get that money, India still doesn’t have the capacity to execute this plan, said Mr. Bhattacharya. GIFT’s backers say the city provides an answer to India’s infrastructure problem, at a time when the country’s economic growth is picking up. Do you have space to expand your business in the existing infrastructure? No, says Ramakant Jha, managing director of the company building the city–a joint venture of the state’s urban development body and Infrastructure Leasing & Financial Services Ltd sees GIFT becoming a new central business district for the now quiet state capital, Gandhinagar, a 20-minute drive away.
He said that eventually, there will be bus and metro service connecting GIFT to Ahmedabad and Gandhinagar says that offices and retail stores and other businesses at GIFT will help create one million direct and indirect jobs. The city will as well as have homes, allowing employees to walk to work, and social infrastructure such as a school, hospital and malls. With central air-conditioning in all buildings, filtered tap water and Gift city Ahmadabad waste collection a rarity in urban India, GIFT, as planners envision it, would be far more advanced than existing Indian cities but all this comes at a cost. If 100,000 people live in a city, the cost of building the city’s infrastructure comes to around $ 23,500 per person. In comparison, India’s gross national income per capita is around $ 1,600, according to the World Bank. Goal posts for the city’s development have changed over the years. Its creation was announced when India was booming back in 2007, and the first phase–covering around 25 million square feet–was supposed to have been completed by 2010 on a recent visit two buildings with 1.6-million-square feet of office space had been completed. Part of one building was occupied. A data centre for telecommunications was as well as ready, as was a fire station and a school. The rest of the area was mainly empty.
Construction was under way for a hospital and other facilities. Mr. Jha says the city will ultimately have 62 million square feet of office and residential space, to be built over three phases. He says GIFT has already sold nearly 14 million square feet to developers or companies in buildings not yet built he says it will be another four to five years before the first phase of the city–now covering only a fifth of the originally planned area–will get going for now, the city’s infrastructure layout is being funded mainly by loans taken from a clutch of state-run banks, and to some extent by government grants and fees charged to developers who plan to set up buildings.
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