The Minister of Housing & Urban Poverty Alleviation Shri Venkaia…

The
Confederation of Real Estate Developers’ Associations of India (CREDAI) members
to invest over Rs.38,000 cr to build over two (2) lakh affordable houses

Over
one lakh units to be built in Maharashtra, 41,921 houses in National Capital
Region, 28,465 in Gujarat, 7,037 in Karnataka, 6,055 in UP

Cost
of construction of these houses to be in the range of Rs.15 lakh to Rs.30 lakh
per house

            The
Minister of Housing & Urban poverty Alleviation Shri M.Venkaiah Naidu today
launched 352 housing projects in 53 cities in 17 States across the country with
an Investment of over Rs.38,000 cr to build over two lakh (2)  houses..

These
housing projects to be taken up by the members of Confederation of Real Estate
Developers’ Associations of India (CREDAI) across the country is the first
major private investments Initiative into affordable housing.  These projects
were launched at a function in Gandhinagar, Gujarat
today. As
per the details furnished by CREDAI today, the cost of construction of these
affordable houses will be in the range of Rs.15 lakh to Rs.30 lakh with average
cost of construction coming to Rs.18 lakh per house.

The
event was held in the backdrop of several initiatives by the Government of
India to promote affordable housing for Economically Weaker Sections, Low and
Middle Income Groups including sanction of ‘Infrastructure status’ for the
housing Sector. The new President of the CREDAI (Confederation of Real Estate
Developers’ Associations of India) took charge of the confederation at the
glittering function attended by the Chief Minister of Gujarat Shri Vijay
Rupani, Gujarat Deputy CM Shri Nitinbhai Patel, Gujarat Minister of Urban
Development Sh Shankar Chaudhary, outgoing President of CREDAI Sh Gitambar
Anand and more than 3000 delegates from across the country.

            Speaking on
the occasion, Shri Venkaiah Naidu complimented CREDAI and its members for
coming forward to invest in affordable housing projects and assured them that
his Ministry and Central Nodal Agencies like the National Housing Bank and
HUDCO will extend full cooperation in reaching the benefits prescribed under
PMAY (Urban) to the beneficiaries who join the projects launched today.

            Details of
affordable housing projects launched today for implementation are:

            Shri Naidu
said while Mahatma ensured political freedom for our country, Sardar Patel
ensured its unification, Shri Modi is now working on giving content and real
meaning to these accomplishments through building a New India.

The
Minister said such a New India has no meaning if we don’t ensure houses for all
and that too in a specific time frame. He said that the Prime Minister Shri
Modi has set the year 2022 as the deadline for roofing all Indians.

Shri
Naidu said that within a short span of just 21 months since the launch of
PMAY(Urban) in June, 2015, his  Ministry has earlier approved construction of
17.73 lakh affordable houses for urban poor with an investment of Rs.95,660 cr
in 30 States and Union Territories.. For building these houses, central
assistance of Rs.27,879 cr has also been approved, he said.

These
approved projects are to be executed with assistance from central and state
governments and beneficiary contribution under the four components of PMAY
(Urban). Under this urban housing mission, central assistance in the range of
Rs.1.00 lakh to Rs.2.35 lakh will be provided to each beneficiary. PMAY (Urban)
was launched by Prime Minister Shri Narendra Modi on June 25, 2015.

            The
Government of India on December 31, 2017 extended the Credit Linked Subsidy
Scheme 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, beneficiaries belonging to EWS,
LIG and MIG with annual incomes up to Rs.18 lakh have been brought under the
ambit of PMAY (Urban) opening up substantial investment opportunities for
developers both at the bottom and middle of the pyramid.

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KSP/ahmedabad