New Delhi, July 21 -- Projects worth Rs 31,000 crore have been approved under the Urban Challenge Fund within 20-25 days of the scheme's guidelines being finalised, D. Thara, Additional Secretary, Ministry of Housing and Urban Affairs, said at the ninth edition of the FICCI Urban Infrastructure and Innovation Summit.

She said financing for the approved projects is being mobilised from multiple sources, with 44 percent coming from non-banking financial companies (NBFCs), 22 percent through public-private partnerships (PPPs), 5-7 percent from bonds, and the remaining from commercial banks.

Shift Towards Challenge-Based Urban Financing

HUDCO Chairman and Managing Director Sanjay Kulshrestha said Indian cities contribute 60-70 percent of t...