New Delhi, July 23 : The Union Budget 2024-25 has accorded high priority to the Centre working with states to facilitate the development of 'Cities as Growth Hubs'.

Finance Minister Nirmala Sitharaman announced that transit oriented development plans for 14 large cities with a population above 30 lakh will be formulated, along with an implementation and financing strategy.

"This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising town planning schemes," the Finance Minister said.

She said the government will formulate a framework for enabling policies, market-based mechanisms and regulation for creative brownfield redevelopment of existing cities with a transformative impact.

Besides, under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore.

This will include the Central assistance of Rs 2.2 lakh crore in the next five years. A provision of interest subsidy to facilitate loans at affordable rates is also envisaged.

In addition, enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place, the Finance Minister said.

She also said that in partnership with the state governments and Multilateral Development Banks, the Centre 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 use of treated water for irrigation and filling up of tanks in nearby areas.

Besides, the Budget also provides for a scheme for improving the life of street vendors in cities.

"Building on the success of PM SVANidhi Scheme in transforming the lives of street vendors, our Government envisions a scheme to support each year, over the next five years, the development of 100 weekly 'haats' or street food hubs in select cities," the Union Minister said.

Nirmala Sitharaman also said that the government would encourage states which continue to charge high stamp duty to moderate the rates for all, and also consider further lowering duties for properties purchased by women.

"This reform will be made an essential component of urban development schemes," she added.

The Budget also provides for facilitating the development of investment-ready "plug and play" industrial parks with complete infrastructure in or near 100 cities, in partnership with the states and private sector.

Twelve industrial parks under the National Industrial Corridor Development Programme will also be sanctioned.

/IANS