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Indian Union Budget Highlights: Urban Development

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Highlights:

₹ 10 lakh crore outlay for affordable housing for 1 Cr urban poor and middle class. Indian Union Budget's initiatives include developing cities as growth hubs, including transit development in large cities, urban housing schemes, water supply and sanitation projects, support for street vendors, and incentives for women homebuyers.

The Indian Union Budget places a significant emphasis on developing cities as major growth hubs, focusing on economic transit planning and innovative town planning schemes. These measures are aimed at transforming urban landscapes into vibrant, sustainable, and inclusive spaces that can drive the nation's economic growth.

Brownfield Development: A Framework for Progress

The government is committed to creating a robust framework of policies and regulations to facilitate brownfield development. This initiative will streamline redevelopment processes, making it easier to revitalise existing urban areas and enhance their economic potential.

Transit Development in Large Cities

In a bid to improve urban infrastructure, 14 large cities will benefit from comprehensive transit development plans. These plans will focus on enhancing public transportation systems, reducing congestion, and promoting sustainable urban mobility, thereby improving the quality of life for residents.

Urban Housing: Affordable and Inclusive

The budget introduces ambitious plans for urban housing under the Pradhan Mantri Awas Yojana (PMAY), targeting the urban poor and middle class. With an investment of ₹10 lakh crore and central assistance of ₹2.2 lakh crore over five years, the scheme aims to provide affordable housing to 1 crore families. Additionally, the provision of subsidy-based loans is planned to make homeownership more accessible.

Water Supply and Sanitation: Partnership for Progress

To address urban water supply and sanitation challenges, the government will partner with state governments and banks to implement sewage and waste management projects in 100 cities. These initiatives are designed to ensure clean and sustainable urban environments, improving public health and living conditions.

Supporting Street Markets and Vendors

The PM Swanidhi scheme, aimed at supporting street vendors, will continue to operate annually, fostering the development of 100 weekly haats (markets) in select cities. This scheme provides financial assistance and promotes the growth of informal markets, supporting the livelihoods of street vendors and enhancing the local economy.

Incentives for Women Homebuyers

In an effort to promote gender equality in property ownership, states are being requested to moderate stamp duties and offer lower rates for properties purchased by women. This measure aims to empower women financially and encourage greater female participation in the real estate market.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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