Budget 2024: FM proposes transit-oriented development plan for 14 large cities with over 30 lakh population

Budget 2024: To facilitate the development of cities as "growth hubs", Union Finance Minister Nirmala Sitharaman on Tuesday proposed a transit-oriented development plan for 14 large cities with a population of over 30 lakh.

She announced the development plan of cities in her Union Budget 2024-25 speech.

The development plan will formulate a framework for the creative redevelopment of cities, the finance minister said.

“This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising town planning schemes,” FM Nirmala Sitharaman said.

“Transit-oriented development plans for 14 large cities with a population above 30 lakh will be formulated, along with an implementation and financing strategy,” Sitharaman said in her budget speech.

Urban Housing

In the Union Budget, a central assistance of ₹2.2 lakh crore has been allocated for urban housing over the next five years as well as an interest subsidy scheme to facilitate loans at affordable rates for urban housing works.

The central government will put in place measures for an efficient and transparent rental housing market with enhanced availability, said Sitharaman.

“The rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP (public–private partnership) mode with VGF (viability gap funding) support and commitment from anchor industries,” she added.

Further, she said that enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place.

Street Food Hubs

A scheme to support the development of 100 weekly haats or street food hubs in select cities has been proposed in the Budget.

Water and Sanitation

Finance Minister Nirmala Sitharaman has announced that the Centre in partnership with state governments and multilateral development banks will promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects.

These projects will also envisage the use of treated water for irrigation and filling up of tanks in nearby areas, she said.