Confederation of Real Estate Developers’ Associations of India (CREDAI) finally launched a stack of affordable housing projects across India. Today, CREDAI has launched 352 affordable housing projects which to be constructed at the worth of Rs 38,003 crore.
As per the information received from the source, the CREDAI members has set a target of constructing 203,851 low-cost homes and these units will be available at the price range of Rs 15 lakh to Rs 30 lakh. These housing units will be constructed in 53 cities of 17 states.
The objective of the initiative is to help the government in achieving the target of “Housing for All Mission“.
The ministry of Housing and Urban Poverty Alleviation assured that National Housing Bank (NHB) and Housing and Urban Development Corporation (HUDCO) will help the home buyers of these projects in getting benefits of Pradhan Mantri Awas Yojna (Urban).
Details of Houses to be Constructed in 352 Projects
- Maharashtra – 1,00,0000 Houses
- National Capital Region – 41,921 houses
- Gujarat – 28,465 houses
- Karnataka – 7,037 houses
- Uttar Pradesh – 6,055 houses
As per the records, India has a shortage of about 20 million homes and to help the government in bridged up the shortage Credai making efforts by launching affordable housing projects.
A matter of creating special financial package both for home loans and for construction finance has also been discussion with the State Bank of India (SBI).
The benefits of credit linked subsidy scheme (CLSS) component of PMAY (Urban) has recently been extended for middle income groups having income range of Rs 12 lakh to Rs 18 lakh. Under this component, the government will provide an interest subsidy of 4% and 3% on housing loans.
MHUPA has approved about 1,773,052 affordable houses so far under PM Awas Yojana-Urban with the investment of Rs 95,660 crore in 30 states and Union Territories.
The beneficiary will get an assistance of Rs 1 lakh to Rs 2.35 lakh under Pradhan Mantri Awas Yojana Urban.