CREDAI members to invest over Rs.38,000 crore in India

NEW DELHI (INDIA): India’s Housing & Urban Poverty Alleviation Minister M.Venkaiah Naidu today launched 352 housing projects in 53 cities in 17 States across the country with an investment of over Rs.38,000 crore to build over two lakh (2) houses.nnThese housing projects to be taken up by the members of Confederation of Real Estate Developers? Associations of India (CREDAI) across the country is the first major private investments initiative into affordable housing. These projects were launched at a function in Gandhinagar, Gujarat today. As per the details furnished by CREDAI today, the cost of construction of these affordable houses will be in the range of Rs.15 lakh to Rs.30 lakh with average cost of construction coming to Rs.18 lakh per house.nnThe event was held in the backdrop of several initiatives by the Government of India to promote affordable housing for Economically Weaker Sections, Low and Middle Income Groups including sanction of ?infrastructure status? for the housing sector. The new President of the CREDAI (Confederation of Real Estate Developers? Associations of India) took charge of the confederation at the glittering function attended by the Chief Minister of Gujarat Vijay Rupani, Gujarat Deputy CM Nitinbhai Patel, Gujarat Minister of Urban Development Sh Shankar Chaudhary, outgoing President of CREDAI Sh Gitambar Anand and more than 3000 delegates from across the country.nnSpeaking on the occasion, Shri Venkaiah Naidu complimented CREDAI and its members for coming forward to invest in affordable housing projects and assured them that his Ministry and Central Nodal Agencies like the National Housing Bank and HUDCO will extend full cooperation in reaching the benefits prescribed under PMAY (Urban) to the beneficiaries who join the projects launched today.nnDetails of affordable housing projects launched today for implementation are:n

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nNaidu said while Mahatma ensured political freedom for our country, Sardar Patel ensured its unification, Modi is now working on giving content and real meaning to these accomplishments through building a New India.nnThe Minister said such a New India has no meaning if we don?t ensure houses for all and that too in a specific time frame.nnHe said that the Prime Minister Modi has set the year 2022 as the deadline for roofing all Indians.nnShri Naidu said that within a short span of just 21 months since the launch of PMAY(Urban) in June, 2015, his Ministry has earlier approved construction of 17.73 lakh affordable houses for urban poor with an investment of Rs.95,660 crore in 30 States and Union Territories.nnFor building these houses, central assistance of Rs.27,879 crore has also been approved, he said.nnThese approved projects are to be executed with assistance from central and state governments and beneficiary contribution under the four components of PMAY (Urban). Under this urban housing mission, central assistance in the range of Rs.1.00 lakh to Rs.2.35 lakh will be provided to each beneficiary. PMAY (Urban) was launched by Prime Minister Shri Narendra Modi on June 25, 2015.nnThe Government of India on December 31, 2017 extended the Credit Linked Subsidy Scheme component of PMAY (Urban) to Middle Income Groups with annual incomes in the range of Rs.12 lakh to Rs.18 lakh under which interest subsidy of 4% and 3% on housing loans will be provided. With this, beneficiaries belonging to EWS, LIG and MIG with annual incomes up to Rs.18 lakh have been brought under the ambit of PMAY (Urban) opening up substantial investment opportunities for developers both at the bottom and middle of the pyramid.