Tag: Urban Challenge Fund

InfrastructureLatest Stories

Indian Cities Require $2.4 Trillion by 2050: Report

Sure! Here’s a rewritten version of the content: — Representative AI image NEW DELHI: A report by FICCI and EY estimates that Indian cities will need approximately $2.4 trillion by 2050 to achieve climate resilience and low-carbon status. So far, only 20 municipal corporations have tapped into the capital markets, collectively raising around $476 million. While urban areas account for over 60% of India’s GDP from about one-third of the population, municipal corporations generate revenues equivalent to merely 0.6% of the GDP, according to the report. India’s urban infrastructure needs are projected at about $840 billion over the next 15…

InfrastructureLatest Stories

₹31,000 Crore Approved for Urban Challenge Fund: MoHUA

NEW DELHI: The Urban Challenge Fund has approved projects worth ₹31,000 crore within just 20-25 days after finalizing its guidelines, according to D Thara, additional secretary at the Ministry of Housing and Urban Affairs. At a FICCI conference, Thara noted that 44% of the funding for the approved projects is sourced from non-banking financial companies, while public-private partnerships contribute 22%. Bonds represent 5-7% of the financing, with commercial banks providing the remainder. Sanjay Kulshrestha, chairman and managing director of HUDCO, emphasized that cities contribute 60-70% of India’s GDP while occupying only about 3% of its land. He highlighted that the…

IndustryLatest Stories

Centre Invites RWAs, Private Players for Urban Projects

NEW DELHI: Resident welfare associations (RWAs), real estate developers, and private entities are now empowered to initiate civic projects, such as water and sanitation, thanks to the newly launched Urban Challenge Fund by the Centre. Civic and urban development projects are no longer exclusively the responsibility of financially constrained municipalities. Multiple RWAs can collaborate to address civic issues by forming a group, devising a project proposal, and submitting it to local civic agencies. If a developer’s high-end apartment complex faces waterlogging on access roads, they can propose and execute a project outside the colony. This new strategy, facilitated by the…

InfrastructureLatest Stories

Survey urges holistic rethink of development control rules

NEW DELHI: India’s urban areas are at a pivotal point, as highlighted by the Economic Survey 2025-26, which emphasizes that the nation’s urban narrative currently reflects an “unfinished promise.” To fully harness the capabilities of these “engines of growth,” the report advocates for a comprehensive reassessment of development control regulations (DCR) and a strategic overhaul in urban financing and governance. Central to this shift is the imperative to recognize cities as “critical economic infrastructure” rather than just living spaces. The survey points out a notable “governance deficit,” suggesting that while major global cities operate with autonomy, Indian cities often prioritize…

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…