Odisha Explores Financing Partnerships to Accelerate Urban Transformation

Bhubaneswar: In a move aimed at fast-tracking urban development, the Housing & Urban Development Department of Odisha convened a high-level consultation with key financial institutions to design and fund bankable urban projects across the state.

The meeting, chaired by Additional Chief Secretary Usha Padhee, brought together senior officials including Finance Department Principal Secretary Sanjeeb Kumar Mishra, representatives from six municipal corporations and development authorities, along with leading financial institutions such as the National Housing Bank, Housing and Urban Development Corporation and major housing finance companies.

The discussions focused on scaling up affordable housing and identifying investment-ready projects under the Government of India’s Urban Challenge Fund (UCF). Emphasis was laid on structuring financially viable and scalable projects that can attract institutional investments and ensure long-term sustainability.

With Odisha’s urban population projected to grow sharply—from 17 per cent in 2011 to nearly 40 per cent by 2036—the meeting highlighted the increasing importance of cities as economic growth drivers and the urgent need for innovative financing models to support this transition.

During the session, the Managing Director of NHB and CEOs of leading housing finance companies presented financing solutions and engaged in detailed deliberations with state officials on housing and urban infrastructure priorities.

Housing & Urban Development Minister Krushna Chandra Mahapatra, in a statement, underscored that urban transformation is central to the vision of “Viksit Odisha @2036.” He said strategic partnerships with institutions like NHB, HUDCO and housing finance companies would help create a strong pipeline of bankable projects, boost affordable housing and drive integrated urban infrastructure growth.

Padhee stressed the importance of developing investment-ready proposals and strengthening financing mechanisms to ensure faster, resilient and inclusive urban growth across urban local bodies.

Financial institutions reaffirmed their commitment to support Odisha’s urban development agenda, sharing strategies to effectively leverage the Urban Challenge Fund and expand financing for large-scale infrastructure and housing projects.