2 lakh or more affordable housing by central government

On 9 April, the Minister of Urban Development and Housing in Ahmedabad M.Venkaiah Naidu has launched around 2.03 lakhs affordable houses at a function organized by CREDAI (Confederation of Real Estate Developers Association of India).

The hard work put in by the Union Government has started showing results in the construction sector. The maximum dwelling unit size will be a carpet area of ​​643 square feet which is equivalent to approximately 900 square feet of built up area.

Getamber Anand, president of CREDAI, and CMD of NCR-based ATS Infrastructure, also said that the association has decided to play a major role in engaging its members for affordable housing projects. He also mentioned that CREDAI intends to work as a nodal agency to avail the benefits announced by the Central Government under the Pradhan Mantri Awas Yojana (PMAY).

Jaxay Shah, MD, Ahmedabad-based Savy Infrastructure, who was appointed as the chairman of CREDAI at the investment function on 9 April, said that with several measures announced by the central and state governments, affordable housing will be the main area in the coming times. “The condition of affordable housing infrastructure would help the developer to get a construction loan at very affordable rates” said by Shah.

A budget of Rs 70,000 crore has been allocated for 375+ new affordable housing projects. Such projects are spread across India, with the development of a total of 60 million sq ft of land and construction of 20.80 crore sq ft, for the construction of a total of 23,000,000+ houses.

On this occasion Jaxay Shah also mentioned that India has registered a shortage of 20 million houses and is an attempt to overcome the housing shortage by placing consumers at the center of all our efforts. "Our 375+ affordable housing projects will fulfill the dreams of millions of Indians who own a house."

On top of that, expanding the 80IB benefit that would make the profits earned by an affordable housing project tax-free would make the cost of affordable housing units very reasonable. The prices of an affordable housing unit will decrease from Rs 12 lakh to Rs 35 lakh depending on location and cities.

A senior official in the ministry said that developers are the second most important stakeholder in the housing sector after the buyer, with the government deciding to rope them in to distribute various benefits to the end users.

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