Government Unveils Ambitious Urban Development Plan in 2024-25 Budget

The government proposed a transit-oriented development plan for 14 cities with populations over 30 lakh. Finance Minister Nirmala Sitharaman's budget includes Rs 2.2 lakh crore for urban housing, interest subsidy for loans, and efficient water and waste management projects. Rent control and street food hubs are also on the agenda.

The government has introduced a forward-thinking transit-oriented development plan for 14 major cities with populations exceeding 30 lakh, as revealed in the 2024-25 budget. Finance Minister Nirmala Sitharaman emphasized collaboration with states to establish these cities as 'growth hubs'.

This initiative involves economic and transit planning, alongside the structured growth of peri-urban areas using town planning schemes. Additionally, the budget allocates Rs 2.2 lakh crore for urban housing over the next five years, coupled with an interest subsidy scheme to aid affordable loans for urban housing projects.

Central measures will include the formation of a transparent rental housing market, 100 weekly haats or street food hubs, and dormitory-style accommodations for industrial workers. In collaboration with state governments and multilateral banks, the Centre will also focus on water supply, sewage treatment, and solid waste management in 100 large cities, with treated water earmarked for irrigation and tank replenishment. States are encouraged to reduce stamp duty rates, particularly for properties purchased by women, integrating this reform into urban development programs.

(With inputs from agencies.)