New Delhi, Aug 30 India’s urban infrastructure sector is set for a massive boost, with an additional investment of Rs 10 lakh crore expected over the next four years, a key government official has said.
The cities are expanding at an unprecedented pace, and more than half of the country’s population will be living in urban areas within the next two decades, Union Housing and Urban Affairs Secretary, Srinivas Katikithala, said while speaking at the 17th annual convention of industry body NAREDCO.
This change is both "a challenge and an opportunity for the economy," according to the secretary.
He emphasised that spending in the sector has increased significantly over the last ten years, with Rs 30 lakh crore invested in urban infrastructure, up from just Rs 1.78 lakh crore between 2004 and 2014.
Under Prime Minister Narendra Modi's leadership, the urban sector has attracted a lot of attention and investment over the past 10 years. Contributing to this economic activity becomes our shared duty," he said to real estate developers.
Instead of waiting for connectivity to catch up to them, Katikithala advised developers to schedule their projects to coincide with future infrastructure expansion. "Don't wait for infrastructure to come after us.
He pointed to significant investments in water supply, sewage systems, metro rail, roads, and railroads, saying, "Let's pursue the areas where infrastructure is already going."
Additionally, he emphasised how crucial private sector involvement is to providing effective urban services.
The provision of services by local bodies alone is no longer sufficient. He stated that to guarantee high-quality services, the private sector must intervene.
Katikithala advocated for increased project registrations and appropriate training for registered brokers to strengthen adherence to the Real Estate (Regulation and Development) Act (RERA).
The secretary said that state chief secretaries had recently reviewed the Act's implementation with Prime Minister Modi, who instructed them to make RERA a major reform initiative.
He added that the ministry is collaborating with the CBDT to educate taxpayers about RERA, and that a parliamentary panel has also taken up the matter.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor