Abstract
AbstractAfter experiencing sluggish urban housing progress, the National Reconstruction Authority (NRA) unpacked binding constraints as small parcel size and acute dearth of finance. This paper intended to chart out way forward for removing binding constraints and make progress toward urban renewal. Data collected from an urban study during the NRA stint is further analyzed. International and national experience of urban renewal has been contextualized for exploring future prospect. Based on the analysis, it is concluded that the implementation of existing legal provisions will not bear fruition rather a radical intervention of “redevelopment and land readjustment” has ample leverage for transformation. For implementing this concept, a municipality promoted powerful Special Purpose Vehicle (SPV) seems the most appropriate institution which can be funded through municipal, provincial and federal transfer, private sector and proceeds from the sales of additional space that can be created with limited vertical extension of private buildings. The transitional period has to be managed with conserving public and private heritage elements which can be achieved with the existing legal frameworks.KeywordsMunicipalityConstraintsUrban renewalHeritageSpecial purpose vehicle
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