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GOVERNMENT INITIATIVE – HOUSING FOR ALL

Posted by Area Tech on January 26, 2020
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Indian Realty sector  has been going through several changes over the last few years. As sentiments are expected to realign in the current year with additional fiscal policies and reforms, the overall market will present more extensive options for those seeking affordable homes.

In a recent development in the real estate sector in India, the Centre has approved more houses in the affordable segment. This takes the total number of homes being sanctioned as per the Pradhan Mantri Aawas Yojana (Urban) scheme to 1.12 Crores.

The committee gives a boost to the Indian realty sector. A significant amount of investment would be involved in the new projects that are likely to come up in the respective cities. The estimated amount of investment in these projects would be around INR 6.13 lakh crore. Out of this, the Centre would be providing assistance of INR 1.63 lakh crore. Funds have already been released amounting to INR  64,000 Cr. Till date, the Union Housing and Urban Affairs Ministry have already approved the development of 1.12 crore affordable homes under PMAY(U). Government has created an Affordable Housing Fund (AHF) in the National Housing Bank (NHB) with an initial corpus of Rs 10,000 crore using priority sector lending short fall of banks/financial institutions for micro financing of the HFCs.

The government has launched several schemes, including the affordable homes scheme, as a part of its ambitious project to ensure Housing for All by 2022. In large cities as well as the suburban areas, several new residential complexes are being developed. The developers are focusing on low-priced and affordable projects which can cater to the needs of the middle-income groups. In the last few years, the sales of such apartments in many cities have been on the higher side. With the initial success of affordable homes, the government has further approved the development of additional homes. This explains the upsurge of new project launches in the coming times.

References: Media Reports, Press releases, Knight Frank India, VCCEdge, JLL Research, CREDAI-JL, Union Budget 2019-20, PMAY_Urban Urbangraph

Disclaimer: This information has been collected through secondary research and Area infinity is not responsible for any errors in the same.

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