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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:

StateCitiesNo. Of affordable housesInvestment
MaharashtraMumbai, Pune, Nagpur, Satara, Ahmednagar, Nashik, Jalna, Malegaon, Banm and Solapur103719Rs. 15576 crore
National Capital Region of Delhi41921Rs. 6211 crore
GujaratAhmedabad, Surat, Rajkot, Vapi, Gandhinagar, Vadodara, Rajkot, Navsari, Bharuch, Modasa, Mehsana, Palanpur and Sabarkantha28465Rs. 9525 crore
KarnatakaBengaluru, Gulbarga and Hubli7037Rs. 1679 crore
Uttar PradeshVaranasi, Agra, Jhansi, Bareily, Kanpur and Allahabad6055Rs. 1108
RajasthanJaipur, Ajmer and Jodhpur4406Rs. 389 crore
West BengalKolkata2955Rs. 663 crore
Goa1932Rs. 464 crore
TelanganaHyderabad1784Rs. 663 crore
Madhya PradeshUjjain and Indore1517Rs. 284 crore
KeralaTrivendrum, Kochi, Ernakulam and Calicut1372Rs. 186 crore
AssamGuwahati860Rs. 145 crore
Tamil NaduCoimbatore, Tiruchirapalli and Chennai834Rs. 145 crore
OdishaBhubaneswar520Rs. 53 crore
ChhattisgarhRaiapur244Rs. 26 crore
Andhra PradeshTirupati50Rs. 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