This research investigates the rapid transformation and loss of vernacular heritage in small historic towns across Asia, specifically focusing on the Shekhawati region in Rajasthan, India. It adopts both theoretical and evidence-based approaches to critically examine the challenges faced by these historic towns, particularly at the policy, planning, and investment levels. By analyzing the legislative framework, planning practices, and investment trends, the study aims to propose practical strategies for the cultural revival of small historic towns in India and across Asia. The research contributes to addressing the dearth of knowledge in the field of revitalizing vernacular heritage in small and middle-income countries.