Minister of Housing & Urban Poverty Alleviation M.Venkaiah Naidu has urged real estate developers to take up affordable housing projects in a big way while stressing that therein lies the future of the real estate sector. “ The Government’s focus on ensuring Housing for All including the Middle Income Groups offered immense opportunities both at the bottom and the middle of the pyramid which needs to be seized by the developers”, said the minister. He was addressing a Conference on “Real Estate Sector-Post Remonetisation and RERA” organized by PHD Chambers in New Delhi.
The Minister for Housing further said that the Government has paid more attention to the real estate sector than any other sector by announcing more than 20 supporting measures to revive the sector over the last two years including announcing the long awaited infrastructure status for affordable housing besides several tax concessions and exemptions.
“Low cost long term financing under infrastructure status, tax concessions and central assistance under PMAY and the scale of housing needs of these sections make affordable housing the best investment opportunity and developers are left with no further excuses for not seizing this opportunity”, Mr Naidu stressed.
Mr Naidu said that various initiatives of the Government including the Real Estate (Regulation and Development) Act, 2016, the Benami Properties Act and note withdrawal have enabled a new real estate eco-system based on 4 ‘Cs’ viz., Character, Credibility, Confidence and Cash that would help revive the sector. He said that while the Real Estate Act removes the taint restoring the character of the sector leading to credibility and enhanced confidence of buyers, central assistance, reduced interest rates and tax concessions keep more cash in the hands of buyers.
Ministry of HUPA has so far approved construction of over 16 lakh affordable houses for urban poor with an investment of about Rs.90,000 cr and central assistance of about Rs.25,000 cr.
Shri Naidu said that his Ministry would soon convene a Round Table with real estate bodies and representatives of banks and Housing Financing Companies and others concerned to deliberate on the road ahead for promoting affordable housing so that the target of ensuring Housing for All by 2022 would be met.