Future of real estate lies in affordable housing : Naidu

Speed Post News Network

New Delhi: Union Minister for  Housing & Urban Poverty Alleviation (HUPA) M Venkaiah Naidu on February 21, 2017, urged real estate developers to take up affordable housing projects in a big way while stressing that therein lies the future of the real estate sector.

The Minister said that “ The government’s focus on ensuring Housing for All including the Middle Income Groups offered immense opportunities both at the bottom and the middle of the pyramid which needs to be seized by the developers who have seen ups and downs in recent years.” He speaking at a Conference on “Real Estate Sector-Post Remonetisation and RERA” organized by PHD Chambers here, according to a PIB release 

Naidu further said that the government has paid more attention to the real estate sector than any other sector by announcing more than 20 supporting measures to revive it over the last two years including announcing the long awaited infrastructure status for affordable housing besides several tax concessions and exemptions. He said that under Prime Minister’s Awas Yojana(Urban), people belonging to Economically Weaker Sections, Low Income Groups and Middle Income Groups with incomes up to Rs18 lakh per year have been made eligible for central assistance up to Rs.2.35 lakh each beneficiary.

“Low cost long term financing under infrastructure status, tax concessions and central assistance under PMAY and the scale of housing needs of these sections make affordable housing the best investment opportunity and developers are left with no further excuses for not seizing this opportunity,” Naidu stressed, according to the PIB release.

Stating that the Ministry of HUPA has so far approved construction of over 16 lakh affordable houses for urban poor with an investment of about Rs 90,000 crore and central assistance of about Rs 25,000 crore, Naidu expressed concern over private developers not taking up any projects so far.