All sections of Real Estate Act notified; Builders to register projects within 3 months from May 1

NEW DELHI (INDIA): India’s Housing and Urban Poverty Alleviation Minister M.Venkaiah Naidu today asserted that the Government has done more for meeting the housing needs of urban poor during the last three years than what was done in the previous ten years proving that it is a ?Government with a difference? as desired by the people.nnNaidu stated that to enable inclusive development benefitting the urban poor, Prime Minister of India Narendra Modi launched ?Pradhan Mantri Awas Yojana (Urban) ? to ensure Housing for All by 2022 and gave the following evidence in support of his assertion :nn1. Under PMAY(Urban), 17,73,533 affordable houses have been approved for 2,008 cities and towns in the last less than two years as against 13,82,768 sanctioned for 1,061 cities in the earlier 10 years;nn2. An investment of Rs.96,266 cr has been approved so far for construction of houses for urban poor as against Rs.32,713 cr during 2004-14;nn3. Central assistance of Rs.27,883 cr has already been approved for release to States/UTs under PMAY(Urban) as against Rs.20,920 cr during the ten years of previous government;nn4. PMAY(Urbana) has been extended to Middle Income Groups there by benefitting people with annual incomes up to Rs.18 lakhs, covering large sections of the society;nn5. Specific time limit of 2022 has been fixed for achieving the Housing for All target as against the open ended approach of the previous government; andnn6. More importantly, an enabling eco-system has been created to promote affordable housing through various initiatives like granting Infrastructure Status for this segment, concessions like exemption of profits from affordable housing projects from Income Tax etc.nnNaidu stated that to promote private investments in affordable housing on a large scale, his Ministry is considering to extend central assistance of Rs.1.50 lakh per each eligible beneficiary belonging to Economically Weaker Sections under projects taken up even on private lands.nnSo far, the Ministry has approved construction of 5,83, 427 houses under Affordable Housing in Partnership component of PMAY(Urban) only with State Governments partnership.nnElaborating on the strategy to meet the Housing for All target by 2022, Shri Naidu informed that 15 States/UTs are being targeted to meet the target by 2019. These are: Kerala, Himachal Pradesh, Jammu & Kashmir, Arunachal Pradesh, Manipur, Meghalaya, Nagaland, Sikkim, Tripura, Andaman & Nicobar Islands,Chandigarh, Dadra and Nagar Haveli, Daman & Diu and Puducherry.nnOther large States have been asked to submit housing proposals by end 2018 so that construction of houses could be completed by the targeted 2022.nnThe Minister further informed that within 22 months of launch of PMAY (Urban), 97,489 houses have been constructed for urban poor.nnNaidu gave details of States leading in implementation of PMAY(Urban) as below:nn n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

n

nStressing on the need for promoting rental housing stock to meet the housing needs in the context of urbanization being a continuous process and driven by migration, Naidu informed that a National Urban Rental Housing Policy would be soon announced to meet the needs of migrant workers, students, single working women etc.nnThe policy outlines measures to be taken to encourage investments in Social Rental Housing with government support and Market Driven Rental Housing without government support. The Minister said rental housing would be an effective complement to the Housing for All mission.nnNaidu informed that the remaining 32 Sections of Real Estate Act, 2016 have been notified last night relating to registration of ongoing projects that have not received Completion Certificate, penalties for non-compliance etc which would be effective from first of next month.nnHe said that under the Act, projects and Real Estate Agents have to be registered with Regulatory Authorities within three months thereafter.nnThe Minister urged the States/UTs to ensure that Real Estate Rules and other institutional infrastructure were in place by the stipulated time failing which they would come under public pressure.nnAsserting that housing of urban poor has received unprecedented attention form the Government, Naidu said ? The Government led by Prime Minister of India Narendra Modi has done what was required and the ball is now in the courts of Chief Ministers? courts to ensure Housing for All by 2022?.