New Delhi. Now the Central Government has taken a big decision regarding the long pending housing projects. Union Housing and Urban Affairs Minister Manohar Lal has indicated that a special fund may be created to complete the stuck projects. This move will not only benefit home buyers but will also solve the problems of investors in the real estate sector.
Benefits to low income and vulnerable groups
The Minister said that the aim of this fund is to provide affordable housing for the Low Income Group (LIG) and Economically Weaker Section (EWS). Such initiatives will also increase the hope of getting houses for those families who have not been able to get proper housing till now.
How will the financial arrangements be made?
Corporate Social Responsibility (CSR) contributions can be used to raise funds into the fund. The minister also said that banks and other financial institutions are not active enough in helping this class, hence projects will be given impetus through CSR.
development of slums
Minister Manohar Lal also indicated that around 700 to 750 slums in and around the NCR region will be developed. This will not only provide better housing to the citizens, but will also make it possible to expand basic facilities in these areas.
promotion of affordable housing
NAREDCO, the leading organization of the real estate sector, has urged the government to encourage the construction of affordable housing and rental houses. This will ensure housing facilities for all sections of people and bring stability to the real estate sector.
There will be big improvement in regulatory too
NAREDCO Chairman Praveen Jain said that the RERA law should be further strengthened. Through this, both home buyers and builders will get financial assistance and security. Also, there is a need to give special concessions on rented houses, so that the goal of ‘housing for all’ can be achieved.
Comments are closed.