CREDAI Builders Launch 352 Affordable Housing Projects

With an initiative of building more than 2 million low-cost homes, Builders’ body Confederation of Real Estate Developers’ Associations of India (CREDAI) has launched 352 affordable housing projects across India with the fund of Rs 38,003 crore.

M Vainkaiah Naidu, the minister of Housing and Urban Poverty Alleviation (HUPA), has assured a full support and promises complete cooperation from central nodal agencies such as National Housing Bank and Housing and Urban Development Corporation (Hudco) in order to deliver the homes prescribed under the Pradhan Mantri Awas Yojna (Urban) to the homebuyers. CREDAI has also started to collaborate with the State Bank of India (SBI) to create special financial package both for home loans and for construction finance.

The members of CREDAI have a target to develop 203,851 low-cost homes, in the price range of Rs 15 lakh to Rs 30 lakh in 53 cities across 17 states in the country. More than 1 lakh affordable houses will have to be built in Maharashtra alone. The builders’ body has also planned to build 41,921 houses in the National Capital Region, 28,465 in Gujarat, 7,037 in Karnataka and 6,055 in Uttar Pradesh.

As of now, the ministry of HUPA has already approved construction of 1,773,052 affordable houses under PMAY (Urban) in 30 states and Union Territories with an investment of Rs 95,660 crore. The Centre will provide financial assistance in the range of Rs 1 lakh to Rs 2.35 lakh.

Source: ET Realty

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