Union Minister of Housing and Urban Affairs Manohar Lal said that the government will spend one lakh crore rupees for the development of cities in the next four years under the Urban Challenge Fund. Addressing the 56th foundation day celebrations of The Housing and Urban Development Corporation Limited (HUDCO) in New Delhi, Mr Lal informed that the state governments will spend another one lakh crore rupees in this direction. The Minister said that the Urban Challenge Fund was recently approved with a total Central Assistance of One lakh crore rupees.

On the occasion Mr Lal said that HUDCO is continuously growing since its foundation and is playing an important role in urban development. The Minister also highlighted that under the Transit-Oriented Development (TOD) Policy, big housing projects will be started in areas nearby Metro stations in the national capital. He added that the policy will help in boosting the connectivity of the metro for the citizens. Mr Lal further emphasized that it is expected that around seventy lakh crore rupees will be spent on urban development in the next 20 years in the country.

The HUDCO is a Navratna Central Public Sector Enterprise under the Ministry of Housing and Urban Affairs. The 56th foundation day event of HUDCO was also attended by the Minister of State for Housing and Urban Affairs Tokhan Sahu.