Urban Challenge Fund A Game Changer In Transforming Cities In India: LG Sinha

Srinagar- The 1 lakh crore Urban Challenge Fund will be a game changer in transforming cities and developing them as growth hubs in India, Jammu and Kashmir Lieutenant Governor Manoj Sinha said on Thursday.

“The initiative involving states and Union Territories and private players to redevelop 300 cities across India will promote innovation, robust infrastructure, improve ease of living and integrate sustainability into urban planning,” Sinha said.

He was speaking at the Governing Council Meeting of All India Forum of Real Estate Regulatory Authorities (AIFORERA) here.

The Lieutenant Governor urged that the government's overall approach is needed for advancing this sector and ensuring accountability in timely project delivery.

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

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,” he said.

Sinha said he also would like to see this sector become more competitive to encourage growth.

“There must be uniformity and harmony in housing regulations across the states and Union Territories,” the Lieutenant Governor said.

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