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Government has said its smart-cities initiative would involve building new cities, including satellites to existing metropolises and modernize existing midsize cities. It still hasnt settled on a final list of locations. Jaijit Bhattacharya, a partner at KPMG Indias infrastructure division, estimates that it will cost $20 billion to create a smart city, so 100 cities Gift city Gujarat latest news cost around $2 trillionabout the size of the Indian economy. India has so far budgeted $7.5 billion. If by some magic you get that money, India still doesnt have the capacity to execute this plan, said Mr. Bhattacharya. GIFTs backers say the city provides an answer to Indias infrastructure problem, at a time when the countrys 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 citya joint venture of the states urban development body and Infrastructure Leasing & Financial Services Ltd sees GIFT becoming a new central business district for the now quiet Gift city Ahmadabad 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 municipal 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 citys infrastructure comes to around $23,500 per person. In comparison, Indias gross national income per capita is around $1,600, according to the World Bank. Further, the Land Acquisition and Rehabilitation and Resettlement Authority is proposed to be established for settling disputes relating to acquisition, compensation, and R&R.
The industry has expressed its concerns that the method of calculation of compensation may hamper the acquisition of land at competitive rates, further pushing up land prices. Also, the requirement of obtaining prior consent of persons affected and conducting Social Impact Assessment, though imperative and laudable, may make the acquisition process more elaborate and time-consuming, thus affecting large-scale projects and industries dependent on speedy availability of land. Land Pooling since the land acquisition, development and disposal policies framed previously have failed to address the issues involved in the land acquisition process planned development is struggling to keep pace with the increasing demands of urbanization. The process of acquisition and quantum of compensation is increasingly being challenged by land owners. Keeping this in mind, various States including Delhi, Haryana and Punjab are coming up with innovative land pooling schemes and models. For instance, the land pooling policy proposed by Delhi Development Authority for Delhi is based on the concept wherein the land parcels owned by individuals or group of owners would be legally consolidated by transfer of ownership rights to the designated land pooling agency which would later transfer the ownership of the part of land back to the land owners for undertaking development of such areas, thus giving land owners an option to become partners in the development process.
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