Union minister Hardeep Singh Puri said on Tuesday that India is likely to have 850-900 million people living in urban areas by 2050, pointing out that urbanisation is taking place at a fast pace.
The Union housing and urban affairs minister said the challenges for urban sectors are changing.
"Urbanisation is taking place at a faster pace. Every minute, 20-30 people are coming (to urban areas). By 2050, India is likely to see 850-900 million people living in urban spaces," Puri told reporters on the sidelines of an event.
He said that a lot of this will happen autonomously with private investments, but housing finance assumes greater importance.
On Tuesday, he addressed a gathering at the 53rd foundation day of the Housing & Urban Development Corporation Ltd (HUDCO).
The minister also stressed that urban schemes such Pradhan Mantri Awas Yojana (PMAY), Swachh Bharat Mission and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) are nearing maturity and all of them are doing well.
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According to the Union housing and urban affairs ministry, more than 1.2 crore houses have been sanctioned under PMAY-Urban, with more than 1.1 crore houses already grounded and 73.45 lakh houses already delivered to beneficiaries.
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