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India's urban infrastructure sector has seen investments worth INR 30 lakh crore over the past decade, with an additional INR 10 lakh crore expected in the next four years, according to the Union Housing and Urban Affairs Secretary. He emphasised the need for the real estate industry to align projects with infrastructure growth and urged proactive participation in regulatory compliance and urban development. He also highlighted the importance of private sector contribution in enhancing efficiency of urban services.
India's urban infrastructure sector has experienced unprecedented growth in the past decade, with investments totalling INR 30 lakh crore, and projections indicating another INR 10 lakh crore funding over the coming four years. Union Housing and Urban Affairs Secretary Srinivas Katikithala, speaking at the 17th annual convention of NAREDCO, noted that India is undergoing rapid urbanisation, with more than half of the population expected to live in cities within the next two decades. Advertisement
He remarked that this urbanisation is both a challenge and an opportunity for stakeholders. He urged the real estate industry to strategically align development with ongoing infrastructure projects rather than wait for amenities to follow real estate. He pointed out that while significant investments are being made in roads, metro systems, railways, water supply, and sewage networks, the real estate sector's alignment with this expansion remains limited.
Katikithala advised developers to seek opportunities in areas where infrastructure is already in place, stressing that the sector must not wait for projects to chase infrastructure but instead pursue locations benefiting from ongoing public investment. He further emphasised that private participation is essential for delivering high-quality urban services, stating that urban local bodies alone can no longer shoulder this responsibility.
Turning to regulation, he underlined the importance of effective implementation of the Real Estate Regulatory Authority (RERA) law. He encouraged developers to register more projects under RERA and called for adequate training of registered brokers. He also referred to the Prime Minister's recent review of RERA implementation, during which state chief secretaries were directed to treat it as a priority initiative. Katikithala added that the government has already collaborated with the Central Board of Direct Taxes (CBDT) to raise awareness among taxpayers about the benefits of the law.
With INR 10 lakh crore earmarked for urban infrastructure in the coming years, he stressed that developers must capitalise on opportunities in infrastructure-ready regions, contribute towards improving urban services, and ensure active participation in RERA compliance. His remarks indicated that the future of urban development will depend heavily on effective public-private collaboration.
Source - PTI
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