Private help essential to meet huge smart city costs: Naidu

Urban Development Minister M. Venkaiah Naidu Tuesday sought private sector participation in the government's smart city project to help in meeting its huge investment requirement.

"Stating that innovative approaches are imperative for building smart cities, M. Venkaiah Naidu urged the corporates and investors to make a success of people-public-private partnership to meet the huge investment requirement," the urban development ministry said in a statement here.

Building smart cities is a challenge for the states, urban local bodies and corporates, but is also a great opportunity as well, he said at an event here organised by the Indian Chamber of Commerce.

Emphasising that smart city development is not possible without participation of the private sector, he added: "I call upon industry here and outside the country to join the smart city project as there are great opportunities in it."

"A city that enables easy mobility, workability and thereby more livable is a smart city," Naidu said.

The minister said the socio-economic objectives of smart city development is inclusivity, enabling the poor access and equal right to public spaces like roads, lands and new opportunities.

The urban development ministry has held consultations in the matter with real estate groups, experts, urban planners and the IT sector over last few months.

The government has announced plans to develop 100 Smart Cities across the country and has allocated Rs.500 crore for their development.