[INDIA REAL ESTATE NEWS] Good morning everyone I am Rumi Dhar from Kama Group.|
Here I have important INDIA real estate news to share with you which is as mention under.
The Fifteenth Finance Commission (FFC) has recommended an outlay of Rs 8,000 crore for
developing eight cities in as many states. The government will work out the framework to
develop these new cities to meet the demand for urbanisation which may take six months to
a year, a top government official said on February 2.
"The country needs new cities...unless we get planned cities, there would then be outgrowth,
" Union Housing and Urban Affairs Secretary Durga Shanker Mishra told reporters.
Union Housing and Urban Affairs Minister Hardeep Singh had said earlier that around 40
percent of India's population is likely to reside in cities by 2030.
The ministry will come out with a detailed framework for executing the first-of-its-kind project,
On whether it would be greenfield project, Mishra said, "Yes. We will create a system on
how to develop new cities.... The government will work out the framework that may take
six months or even one year."
According to the ministry, Rs 1,000 crore will be available for each city.
While the framework for developing the new cities will be worked out later, Mishra pointed
out that there are such areas that exist just outside the jurisdiction of a city administration.
Census towns may also be considered for the new project. Mishra said a census town is an
area with a population of more than 5,000 and a population density of over 400 per square
kilometres, and wherein more than 75 percent of male population are engaged in
Out of the total budget of Rs 54,581 crore provided for FY22 for the Ministry of Housing and
Urban Affairs, the capital outlay is Rs 25,759 crore, which is 21.8 percent higher than the
capital outlay of Rs 21,149 crore provided in BE FY21, the ministry said in a statement.
In addition, Rs 7,000 crore is due for release under the PMAY(U) during FY22 to be funded
through Extra Budgetary Resources (EBR) mechanism. Hence, the total budget availability
during FY22 will be Rs 61,581 crore.
Read more at: https://www.moneycontrol.com/news/business/real-estate/eight-new-cities-to-be-developed-to-meet-urbanisation-demand-says-official-6437781.html
Have a nice day