New Delhi: Stating that every minute, anywhere between 25 to 30 people migrate to towns and cities, Union Minister for Housing and Urban Affairs (MoHUA) Hardeep Singh Puri disclosed on Tuesday. He pointed out that with the rapid pace of urbanisation, it is expected that 877 million people will reside in the country's urban areas by 2050.
While this is a turn towards greater prosperity as productive cities can fast-track economic growth, it also brings with it unique challenges. We need to ensure that the people coming into cities have well-provisioned homes," said Puri while addressing Housing and Urban Development Corporation's (HUDCO's) 53rd foundation day in New Delhi.
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"Now, more than ever, it is critical that we provide technical and financing support for housing and urban infrastructure, especially for the vulnerable and marginalised sections of our society. India's success in the next 25 years depends on how well we handle urbanisation," said Puri. Hailing the role being played by HUDCO, Puri said that in the last 53 years, HUDCO has facilitated the construction of almost two crore residential units in the country by providing financial and technical assistance. "What is even more pleasing is that over 95 per cent of these dwelling units have benefited economically weaker sections and low-income groups of our society," Puri said.
He said that HUDCO has supported over 1,900 towns and cities across 2,380 infrastructure schemes to improve basic living conditions in urban and rural areas since its inception in 1970. Puri also hailed HUDCO's role in the success of Pradhan Mantri Awas Yojana (PMAY-Urban) as more than 1.2 crore houses have been sanctioned under this scheme, with more than 1.1 crore houses already grounded and 73.45 lakh houses have already been delivered to beneficiaries.
"The provisioning of housing, among other critical infrastructure, is not just an imperative for economic growth, but also a multiplier of economic growth. One of the key reasons for the country's sustained growth, as compared to other major economies, is the huge investment in infrastructure and real estate sectors," Puri said.
