Financing Urban Renewal and Redevelopment in Historic Core
Cultural heritage of cities plays a pivotal role in meeting the above objectives by not only building a sense of belonging and of identity, but also in steering economic growth. Both tangible heritage and intangible culture and heritage, not only attracts tourism and brings investment but also promotes social cohesion, inclusion, and equity. The conservation of cultural heritage and traditional settlement patterns is a key element for inclusive economic and social development and poverty alleviation, for improving the liability and sustainability of urban areas, as well as for the new development of surrounding areas.
In India, the public discourses related to heritage management are largely focused on the conservation of facades, historic buildings, and artefacts. However, in the context of today, the subject of urban heritage management demands a multi-disciplinary approach and knowledge pertaining to structural engineering, municipal laws, infrastructure technologies, disaster management, urban planning, finance, and governance, besides the knowledge of conservation.
The conservation and management of heritage assets being resource-intensive, the main challenges of urban heritage management in India, is, the issue of financing urban heritage management. The issue of finance becomes more complex, particularly due to the private ownerships, age, and economic status of the occupants of such heritage buildings and precinct.
