India’s urban landscape is on the cusp of a massive transformation, with an anticipated investment of a staggering Rs 10 lakh crore in urban infrastructure over the coming years. This monumental figure, shared by Srinivas Katikithala, Secretary, Ministry of Housing & Urban Affairs, underscores the government’s unwavering focus on the sector. Housing, he emphasized, will be a cornerstone of this investment, and industry players are being urged to step up and play an active role.
The Ministry of Housing & Urban Affairs isn’t just another government department. It’s at the very heart of policymaking, capturing the attention of the country’s top political leadership. This central focus highlights the strategic importance placed on urban development and housing as drivers of national progress.
Speaking at the 17th National Convention of NAREDCO, Mr. Katikithala revealed that urban infrastructure, including housing, is a personal priority for Prime Minister Narendra Modi. The Prime Minister, he noted, maintains a continuous and close watch on the sector’s advancements.
In fact, the last decade has already seen an impressive Rs 30 lakh crore injected into urban infrastructure. This robust investment has undeniably fueled India’s accelerated growth trajectory, setting a strong precedent for the future.
The call now is for the infrastructure sector to form strong partnerships with government agencies. This collaborative approach is seen as essential to building on the current momentum and propelling urban development even further.
To ensure smoother processes and prevent delays, particularly in affordable housing projects, necessary reforms are on the horizon. These reforms aim to strengthen RERA in multiple states, tackling registration issues head-on and creating a more efficient environment for project completion.
Tokhan Sahu, Minister of State for Housing & Urban Affairs, addressing the convention virtually, reinforced this message. He highlighted the rapid growth of the infrastructure sector under Prime Minister Modi’s leadership, a testament to his commitment to its sustained expansion and contribution to the national economy. Sahu underscored that the extension of RERA should be designed to create a “win-win” situation for all stakeholders, perfectly aligning with government objectives.
Rajasthan is proving to be a fertile ground for this investment surge. Sudhansh Pant, Chief Secretary, Government of Rajasthan, shared exciting news: nearly Rs 25,000 crore worth of infrastructure projects have been put into action in the state within the last 7 to 8 months alone. He projected that projects totaling Rs 1 lakh crore would be grounded well before 2026, extending an open invitation to industry stakeholders to consider Rajasthan as a prime destination for infrastructure investments.
G Hari Babu, President of NAREDCO, lauded the government’s initiatives to bolster both the housing and infrastructure sectors, aptly terming them the “twin engines of growth.” However, he also brought attention to a critical area for improvement: the need to significantly increase project registrations under RERA to truly accelerate housing momentum. He pointed out the stark contrast in Delhi, where only 123 projects were recently registered under RERA, compared to nearly 5,000 in Tamil Nadu and approximately 6,000 in Maharashtra. The disparity in project registrations highlights a key area where more focused efforts can unlock substantial growth in the housing sector.
Dr. Niranjan Hiranandani, Chairman of NAREDCO, took the opportunity to commend senior government officials and policymakers for their forward-thinking approach. He observed that both the housing and infrastructure sectors have greatly benefited from the proactive government policies implemented in recent years. Dr. Hiranandani urged the government to persist with these progressive policies to ensure that the goals of various housing and infrastructure schemes are achieved effectively. This consistent governmental support is crucial for sustaining the positive trajectory of India’s urban development and for realizing the full potential of the Rs 10 lakh crore investment opportunity.