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.
Specifications related to these projects:
- No. Of affordable houses to be constructed: 2 lakh
- Construction Cost per House: Rs. 15 lakh to Rs. 30 lakh
- 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