Urban Planning: Centre’s Rs 15,000-Crore Incentives Will Boost Realty Sector, Say Industry Players

Urban Planning Centre's Rs 15,000-Crore Incentives Will Boost Realty Sector, Say Industry Players

With the central government last week announcing a financial incentive of Rs 15,000 crore for states and Union Territories (UTs) for proper planning and management of urban areas in the current financial year 2023-24, it will play a pivotal role in transforming urban development and providing a substantial boost to the realty sector in the country, according to experts.

The real estate experts said that one of the key provisions in the ‘Scheme for Special Assistance to States for Capital Investment’ is the promotion of hiring urban planners.

Anshuman Sharma, president of Navraj Group, said, “The Centre’s financial incentives for states and UTs mark a turning point in the Indian realty sector. With a renewed focus on sustainable urban planning, we anticipate a positive impact on the real estate landscape, paving the way for more organised and eco-friendly developments, which are the need of the hour.”

Stating that the lack of adequate urban planners is a significant issue in the current urban development landscape, the realty industry players said almost half of the states and most cities lack these essential professionals, with smaller cities disproportionately affected.

He added that this will set the roadmap for more sustainable and holistic development, which is a pressing need of the present time.

According to the guidelines, cities with varying populations must adhere to specific criteria to achieve effective urban planning. For cities with a population exceeding 40 lakh, a minimum of five urban planners is required. In comparison, those with a population between 10 and 40 lakh must have at least three urban planners. Similarly, cities with a population between five and 10 lakh must have at least two urban planners, while the towns with population below 5 lakh must have at least one urban planner.

Stating that overcrowded infrastructures, insufficient public amenities, traffic congestion, and environmental degradation are some pressing issues arising from the lack of proper planning, Raheja Developers’ Nayan Raheja said, “These financial incentives will encourage states to take necessary steps to address these challenges and implement sustainable urban development practices. In the long run, it will boost the real sector in the country.”

Source :News 18

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