Tag: Urban Challenge Fund

IndustryLatest Stories

Developers to Manage Urban Infrastructure in Major City Revamps

NEW DELHI: In an effort to address the gap between high-quality real estate projects and neglected civic infrastructure, the government will empower private developers to serve as “urban infrastructure administrators” in major redevelopment zones under the Urban Challenge Fund (UCF) scheme. This initiative allows developers to construct and maintain essential infrastructure, including roads, water supply, sanitation, and transportation. With a total allocation of Rs 1 lakh crore, this scheme aims to encourage sustainable urban development, transforming cities into vibrant growth hubs and enhancing water and sanitation systems. The housing and urban affairs ministry has informed the Public Investment Board (PIB),…

InfrastructureLatest Stories

₹1 Lakh-Crore Urban Fund Focuses on Redevelopment and Reform

NEW DELHI: The core of the new ₹1 lakh crore Urban Challenge Fund will focus on redeveloping abandoned public buildings, repurposing unused government land such as old prisons and granaries, and engaging the private sector, while promoting municipal reforms to transform cities in India. The Ministry of Housing and Urban Affairs has developed guidelines for this Urban Challenge Fund, which was introduced by Union Finance Minister Nirmala Sitharaman during her budget speech. This fund is anticipated to be a significant central assistance initiative for urban transformation in around 300 cities, each with populations exceeding 100,000, competing for project funding. According…