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The PMO has called realtors’ body CREDAI and NAREDCO to understand the problems faced by the developers in launching affordable housing projects .Photo: AFP
The PMO has called realtors’ body CREDAI and NAREDCO to understand the problems faced by the developers in launching affordable housing projects .Photo: AFP

PMO to review affordable housing programme with private builders

The PMO has called a meeting on Saturday to review the government's affordable housing programme as it targets to achieve 'Housing for All' by 2022

New Delhi: The Prime Minister’s office has called a meeting on Saturday to review the government’s affordable housing programme as it targets to achieve ‘Housing for All’ by 2022.

The PMO has called realtors’ body CREDAI and NAREDCO to understand the problems faced by the developers in launching affordable housing projects, sources said.

CREDAI is likely to make presentation on how to accelerate affordable housing projects in the country and to enable home buyers to encash the subsidy benefits under the Pradhan Mantri Awaas Yojana, they added.

About two months back, minister for urban development and housing and urban poverty alleviation M Venkaiah Naidu had said he was “disappointed" that not a single proposal had come from the private builders for the affordable housing projects. He had said that reasons for this needed to be found out.

The government, in a bid to give a boost to the real estate sector, had accorded infrastructure status to the affordable housing segment in this year’s budget.

On 31 December 2016, Prime Minister Narendra Modi had announced interest subsidy of up to 4% on loans taken in the new year under the Pradhan Mantri Awaas Yojana.

Modi, in his national address on New Year’s eve, had also said 33% more homes will be built for the poor under this scheme in rural areas. Besides, in urban areas housing loans of up to Rs9 lakh and up to Rs12 lakh will receive interest subsidy of 4% and 3% respectively, while in rural areas loans up to Rs2 lakh will get an interest subvention of 3%.

“Even so many years after independence, millions of poor do not have their own home. When black money increased in our economy, houses became out of reach of even the middle class. The government has taken some major decisions to ensure homes for the poor, the neo middle class and the middle class," Modi had said.

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