India's Smart Cities Mission will provide opportunities for high volume real estate development considering the highest chunk of the proposed capital investment in smart cities. About 89% of the capital investment has been allocated for built environment (urban development & housing, buildings, waterfront development etc.) transportation, water, wastewater management and energy, according to a white paper released on Tuesday by RICS.

RICS in partnership with RICS School of Built Environment (SBE), Amity University released a white paper titled, "Urban Makeover: Evolution or Revolution" at the RICS Cities Conference 2016. The white paper looks at the ground realities of smart cities and its execution challenges.

Sachin Sandhir, global managing director - Emerging Business, RICS said, "The white paper attempts to look at the opportunities provided by the Smart Cities Mission for cities to transform themselves and at the same time, highlights challenges that need due attention and discussion. We are working with central and state government bodies on various aspects and providing technical advice and international best practices; helping structure projects that will go into making of smart cities and helping them tap into sources of finance from land and real estate assets on a sustained basis."

Devina Ghildial, managing director, South Asia, RICS said, "RICS white paper, among other things, examines how the Indian model of smart cities is unique because it promotes area based development instead of pan city development. Almost 74% of the investment is targeted towards area based development."

The white paper talks about how a relatively smaller portion of the proposed capital investment amounting to about 11% of Rs 48,000 crore in the 20 smart cities that were selected in the first round of the smart city challenge will be spent on technology infrastructure and public services.

Technology infrastructure would include projects relating to Information Technology in the public domain such as communications and operations, connectivity and public interface apart from public services such as health, education, governance and socio-cultural initiatives, which forms the core of smart city infrastructure.