Govt plans to attract private participation for affordable housing1 min read . Updated: 24 Oct 2013, 12:55 AM IST
These two million homes will be funded through central govt projects and institutional financing
Mumbai: With a view to give a fillip to the affordable housing segment, the government is planning to attract private participation through subsidies, appoint real estate experts and consultants.
“To give further incentive for public housing, we have just sanctioned two schemes which will mobilize money by the government and institutional sectors to do about two million houses in next four years i.e. upfront investment and, for this, the government has earmarked ₹ 40,000 crore," said Arun Kumar Misra, secretary, ministry of housing and urban poverty alleviation (HUPA), in a statement released by industry lobby Associated Chambers of Commerce and Industry of India (Assocham) in New Delhi on Wednesday.
These projects are meant for the economically weaker sections (EWS) and the lower income groups (LIG), for whom the income criteria is ₹ 1 lahh and ₹ 2 lakh per annum, respectively.
These two million homes will be funded through central government projects such as the Rajiv Awas Yojana and institutional financing, Misra was quoted as saying.