Government Unveils Ambitious Urban Development Plans in Budget 2024-25

The Indian government announced a transit-oriented development plan for 14 major cities with populations exceeding 30 lakh and proposed various urban housing initiatives. Central assistance of Rs 2.2 lakh crore for urban housing and an interest subsidy scheme were also introduced. Efforts to enhance the rental housing market and develop 100 street food hubs were highlighted.

The government on Tuesday proposed an ambitious transit-oriented development plan for 14 large cities with populations exceeding 30 lakh. The announcements were made by Finance Minister Nirmala Sitharaman while presenting the Union Budget 2024-25 in the Lok Sabha.

Sitharaman stated that the government will establish a framework for the innovative redevelopment of cities, providing Central assistance of Rs 2.2 lakh crore for urban housing over the next five years, alongside an interest subsidy scheme to facilitate affordable loans for urban housing.

In addition, plans to create an efficient and transparent rental housing market with enhanced availability were outlined. The Finance Minister also proposed a scheme to support the development of 100 weekly haats or street food hubs in select cities, aiming to bolster urban livelihoods.