J&K L-G Says Rs 1 Lakh Crore Urban Challenge Fund To Redevelop 300 Cities In Country Will Be Game Changer

(MENAFN- IANS) Srinagar, Sep 25 (IANS) Jammu and Kashmir Lieutenant Governor (L-G) Manoj Sinha said on Thursday that the Rs one lakh crore urban challenge fund to redevelop 300 cities across states/Union Territories (UTs) will be a game changer.

"The 1 lakh crore rupee Urban Challenge Fund will be a game changer in the transformation of our cities and developing them as growth hubs," L-G Sinha added.

He said that the initiative involving states/UTs and private players to redevelop 300 cities across India will promote innovation, robust infrastructure, improve ease of living and integrate sustainability into urban planning.

The L-G was speaking at the Governing Council Meeting of All India Forum of Real Estate Regulatory Authorities (AIFORERA) at Kashmir University in Srinagar.

He urged that the 'Whole of the Government' approach is needed for advancing this sector and ensuring accountability in timely project delivery.

"The transparency, accountability, and efficiency brought by RERA Act, 2016, must protect homebuyers' interests and swift grievance redressal mechanism is required to transform this sector into a more regulated and efficient industry," he said.

L-G Sinha also spoke on the intricacies of the real estate sector, its challenges, possibilities and opportunities.

He called upon private players and real estate developers to play their greater role in promoting affordable housing.

"Under the leadership of Prime Minister Narendra Modi, the real estate sector is emerging as one of the major contributors in realising the vision of 'Viksit Bharat'."

"This rapid growth is driven by the aspirations of the common man. The real estate sector must move forward with equitable development and urban transformation at its core and ensure fairness and transparency for those who dream of owning a home."

"I also want to see this sector becoming more competitive to encourage growth. There must be uniformity and harmony in housing regulations across the states and UTs," he said.

The L-G also exhorted the real estate developers to pay special attention towards the health and education of families of workers engaged in housing development projects.

He said that the welfare of those who are building our homes should be the top priority.

He also urged the AIFORERA to work with developer groups like NAREDCO (National Real Estate Development Council) to ensure that workers and their families are not deprived of their basic rights in any way.

He emphasised on real-time monitoring of housing development projects and awareness campaigns for the buyers.

On the occasion, the L-G released the Journal and Annual Report 2024-25 of AIFORERA.

Anand Kumar, AIFORERA Chairman; Satish Chandra, J&K Real Estate Regulatory Authority (JKRERA) Chairman; Mandeep Kaur, Commissioner Secretary, Housing and Urban Development Department; Chairpersons of various Real Estate Regulatory Authorities and senior officials attended the inaugural session of the Governing Council Meeting of AIFORERA.

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