The members of Credai aim to build 203,851 low-cost homes, in the price range of Rs 15 lakh to Rs 30 lakh in 53 cities across 17 states in the country.
“I would like to congratulate Credai on the initiative being taken to align the real estate industry with the objective of Housing for All of the Government of India," M Venkaiah Naidu, minister of housing and urban poverty alleviation (HUPA), said while launching the housing projects.
Naidu also assured Credai and its members that his ministry and central nodal agencies like the National Housing Bank and Housing and Urban Development Corporation (Hudco) will extend full cooperation in reaching the benefits prescribed under the Pradhan Mantri Awas Yojna (Urban) to the home buyers of these projects.
Over one lakh units is planned to be built in Maharashtra, 41,921 houses in the National Capital Region, 28,465 in Gujarat, 7,037 in Karnataka and 6,055 in Uttar Pradesh to name a few.
"India has a recorded shortage of 20 million homes and our endeavor is to ensure that we overcome this shortage by placing consumers at the center of all our efforts," said Jaxay Shah, the newly appointed president of Credai.
The builders' body is also in talks with the State Bank of India (SBI) to create special financial package both for home loans and for construction finance.
The government has recently taken several measures to promote the affordable housing segment and also gave it an industry status in the Union Budget this year.
It also extended the credit linked subsidy scheme (CLSS) component of PMAY (Urban) to middle income groups with annual incomes in the range of Rs 12 lakh to Rs 18 lakh under which interest subsidy of 4% and 3% on housing loans will be provided.
With this, home buyers in EWS, LIG and MIG segments with annual incomes up to Rs 18 lakh have been brought under the ambit of PMAY (Urban), opening up substantial investment opportunities for real estate developers.
The ministry of HUPA on its part has approved construction of 1,773,052 affordable houses so far under PMAY (Urban), with an investment of Rs 95,660 crore in 30 states and Union Territories.
A central assistance in the range of Rs 1 lakh to Rs 2.35 lakh will be provided to each beneficiary under PMAY (Urban), which was launched by prime minister Narendra Modi on June 25, 2015.
Source : ET Realty
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