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The Minister of Housing & Urban Poverty Alleviation Shri Venkaiah Naidu launched 352 housing projects in 53 cities

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On April 9, 2017, M Venkaiah Naidu – Union Minister of Housing & Urban Poverty Alleviation, launched 352 housing projects in 53 cities across 17 States. Mr. Naidu launched these projects at a function in Gandhinagar, Gujarat.The Minister of Housing & Urban Poverty Alleviation Shri Venkaiah Naidu launched 352 housing projects in 53 cities

Specifications related to these projects:

  1. No. Of affordable houses to be constructed: 2 lakh
  2. Construction Cost per House: Rs. 15 lakh to Rs. 30 lakh
  3. Total Investment: Rs. 38000 crore

Investments will be made by members of Confederation of Real Estate Developers’ Associations of India (CREDAI). This is a first instance wherein such huge investments have been committed in the space of affordable housing.
State wise distribution of projects:

State Cities No. Of affordable houses Investment
Maharashtra Mumbai, Pune, Nagpur, Satara, Ahmednagar, Nashik, Jalna, Malegaon, Banm and Solapur 103719 Rs. 15576 crore
National Capital Region of Delhi 41921 Rs. 6211 crore
Gujarat Ahmedabad, Surat, Rajkot, Vapi, Gandhinagar, Vadodara, Rajkot, Navsari, Bharuch, Modasa, Mehsana, Palanpur and Sabarkantha 28465 Rs. 9525 crore
Karnataka Bengaluru, Gulbarga and Hubli 7037 Rs. 1679 crore
Uttar Pradesh Varanasi, Agra, Jhansi, Bareily, Kanpur and Allahabad 6055 Rs. 1108
Rajasthan Jaipur, Ajmer and Jodhpur 4406 Rs. 389 crore
West Bengal Kolkata 2955 Rs. 663 crore
Goa 1932 Rs. 464 crore
Telangana Hyderabad 1784 Rs. 663 crore
Madhya Pradesh Ujjain and Indore 1517 Rs. 284 crore
Kerala Trivendrum, Kochi, Ernakulam and Calicut 1372 Rs. 186 crore
Assam Guwahati 860 Rs. 145 crore
Tamil Nadu Coimbatore, Tiruchirapalli and Chennai 834 Rs. 145 crore
Odisha Bhubaneswar 520 Rs. 53 crore
Chhattisgarh Raiapur 244 Rs. 26 crore
Andhra Pradesh Tirupati 50 Rs. 10 crore

These projects will be executed with the help of Govt. in terms of interest subvention or assistance under Pradhan Mantri Awas Yojana – Urban. Central assistance to each beneficiary will be in the range of Rs.1.00 lakh to Rs.2.35 lakh, whereas interest subsidy on housing loans will be 3-4%.

  • In the above context, it is to be noted that from December 31, 2017, Govt. has extended Credit Linked Subsidy Scheme for affordable housing to Middle Income Groups as well. Thus individual having annual income in the range of Rs. 12-18 lakh per annum will also be eligible for interest subsidy on housing loans.

About Confederation of Real Estate Developers’ Association of India (CREDAI):

CREDAI is a not-for-profit company, which serves as a platform to represent the interests of private real estate developers of India. It also collaborates with Govt. and provides data and insight required for policy formulation.

  • Formation Year: 1999
  • Number of Members: 11500 members spread across 23 states