Risk management for PPP models in urban water supply projects is a step by step process in which the process of risk management is carried out.The most important step is to determine and implement suitable PPP structure.The process of risk management includes risk identification, allocation and mitigation.It is need of the hour to generate awareness and systematic knowledge of risk management.The use of computers, different types of risk management tools and software's play an important role in the process. This study is focused on survey methodology in order to check the awareness and knowledge regarding risk management.An attempt is made to formulate critical risks associated with urban water supply PPP projects.From survey results and analysis a risk management framework for PPP models is proposed.A more structured approach towards risk management should be there to introduce transparency to the process.Based on this study conclusions are drawn and recommendations are made.