Rs. 1 Lakh Crore Urban Challenge Fund to Transform Cities into Growth Hubs: LG Sinha
Srinagar, September 25: Lieutenant Governor Manoj Sinha said today that the Rs. 1 lakh crore Urban Challenge Fund will be a game changer in transforming India’s cities and developing them as growth hubs.
Speaking at the Governing Council Meeting of the All India Forum of Real Estate Regulatory Authorities (AIFORERA) in Srinagar, the Lieutenant Governor highlighted that the initiative—partnering states/UTs with private players to redevelop 300 cities—will promote innovation, robust infrastructure, improved ease of living, and sustainable urban planning.
Shri Sinha emphasized the need for a ‘Whole of Government’ approach to advance the real estate sector and ensure timely project delivery with accountability. He underscored the importance of the RERA Act 2016, noting that its transparency, accountability, and efficiency must safeguard homebuyers’ interests, and called for swift grievance redressal mechanisms to make the sector more regulated and efficient.
The Lieutenant Governor spoke on the sector’s challenges, opportunities, and potential, urging private players and developers to play a greater role in promoting affordable housing.
“Under the leadership of Hon’ble Prime Minister Shri Narendra Modi, the real estate sector is emerging as a major contributor to the vision of Viksit Bharat. Its growth is driven by the aspirations of ordinary citizens. The sector must advance with equitable development and urban transformation at its core, ensuring fairness and transparency for those dreaming of owning a home. Uniformity and harmony in housing regulations across states and UTs are essential, as is fostering a competitive environment to encourage growth,” Shri Sinha said.
He also called on developers to focus on the health and education of workers’ families, stressing that the welfare of those building homes should be a top priority. He urged AIFORERA to collaborate with organizations like NAREDCO to ensure that workers and their families are not deprived of basic rights.
The Lieutenant Governor further highlighted the importance of real-time project monitoring and buyer awareness campaigns. On the occasion, he released the AIFORERA Journal and Annual Report 2024-25.
The inaugural session was attended by Shri Anand Kumar, Chairman, AIFORERA; Shri Satish Chandra, Chairman, J&K RERA; Ms Mandeep Kaur, Commissioner Secretary, Housing and Urban Development Department; along with chairpersons of various RERAs and senior officials.
