Ministry for Housing and Urban Poverty Alleviation (MHUPA) plans to comprise affordable housing in the infrastructure list. The Ministry hopes that it will increase the number of affordable houses.
MHUPA is on the verge to initiate many steps to increase the number of affordable houses. MHUPA Minister Ajay Maken cautioned the decreasing number of affordable houses.
As the first step MHUPA has revised the income sealing recently. With the revised income sealing the lower income group can qualify for various schemes. MHUPA has amended the limit of annual household income too. The economically weaker section will profit highly of it.
As per the revision the new limit of income will be Rs.1 lakh. The existed income limit was Rs.60000. This revision is for the weaker section. The lower income group’s limit is revised to Rs.2 lakh. This is Rs.80000 above than the previous limit of Rs.1.2 lakhs.
Besides this revision of income limit, MHUPA plans to include affordable housing among the infrastructure. He revealed his plans while speaking at a NREDC -National Real Estate Development Council- organized convention.
Quoting real estate experts’ list he revealed that lower income groups face the 96% of the total housing shortage. India has a shortage of 18.78 million houses. At the same time there are many luxurious houses remain unsold. Yet there are not many affordable houses unsold. Still realty firms try to build not the affordable houses but luxury houses.
Mr. Maken stressed on the need of a joint venture of center, state and private sector. He added that only such a unified effort alone can improve the situation.
He requested the private sector to line up for the same purpose. He stated that there are various reasons which block the banks from providing loans or credits to weaker sections.
MHUPA chief Mr. Maken opined that larger quantity or number of projects will be more profitable. He said larger quantity production will enable the real estate builders to reduce the production cost. It will enable them to offer homes at affordable prices.
He urged the real estate developers to construct low budget homes or affordable homes. On the occasion he said that his ministry is about to implement a new real estate regulatory bill to bring more transparency into the sector.