“The government continues to recognize the growing urbanization and cities as growth hubs. Capital expenditure of Rs 11.11 Lakh crore i.e. 3.4% GDP for infrastructure will propel growth through infrastructure development and enhance connectivity across the country,” said Boman Irani, president, CREDAI.
The government’s decision to support construction of 3 crore additional homes under Pradhan Mantri Awas Yojna (PMAY) with an allocation of Rs 10 lakh crore towards 1 crore homes in urban areas and the potential reinstatement of interest subsidies is expected to support the affordable housing segment.
The proposed development of investment-ready industrial parks in or near 100 cities, along with the sanctioning of 12 industrial parks under the National Industrial Corridor Development Programme, is expected to boost industrial growth, create jobs, and attract investments.The introduction of unique identification numbers for land parcels in rural areas and digitization of urban land records using GIS mapping is expected to bring transparency and streamline land transactions, reducing disputes and fraud.“Innovative initiatives such as the digitization of land records, GIS mapping, and urban housing for the middle class, combined with workforce skilling, are expected to have a profound multiplier effect on the burgeoning real estate sector, currently experiencing double-digit growth,” said Niranjan Hiranandani, chairman, NAREDCO.The government’s plan on urban development and land management are expected to have a significant impact on the cities and industrial landscape. The proposals to develop cities, form policies for brownfield redevelopment, and promote transfer-oriented development in large cities will likely lead to more efficient use of land, reduced congestion, and improved infrastructure.
Overall, these initiatives aim to create a more organized, efficient, and investment-friendly environment, which will likely lead to improved quality of life in cities, increased industrial growth and employment opportunities, enhanced transparency, and reduced corruption in land transactions along with attraction of domestic and foreign investments.