Builders' body Confederation of Real Estate Developers' Associations of India (Credai), will build 203,851 low-cost homes, in the price range of Rs15 lakh to Rs30 lakh, in 53 cities across 17 states in the country under the government's housing for all scheme.
Minister of housing and urban poverty alleviation M Venkaiah Naidu on Sunday launched a master project for 352 housing projects in 53 cities in 17 states across the country involving total investment of over Rs38,000 crore to build over 2 lakh houses.
These housing projects, to be taken up by the members of CREDAI across the country, is the first major private investments initiative into affordable housing. These projects were launched at a function in Gandhinagar, Gujarat.
As per the details furnished by CREDAI, the cost of construction of these affordable houses will be in the range of Rs15 lakh to Rs30 lakh with average cost of construction coming to Rs18 lakh per house.
The event, held at a function during which the new president of the CREDAI took charge of the confederation, is part of several initiatives by the government to promote affordable housing for economically weaker sections, low and middle income groups, including sanction of 'infrastructure status' for the housing sector.
Speaking on the occasion, 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.
''I would like to congratulate Credai on the initiative being taken to align the real estate industry with the objective of Housing for All of the government of India," M Venkaiah Naidu, minister of housing and urban poverty alleviation (HUPA), said while launching the housing projects.
Naidu also assured Credai and its members that his ministry and central nodal agencies like the National Housing Bank and Housing and Urban Development Corporation (Hudco) will extend full cooperation in reaching the benefits prescribed under the Pradhan Mantri Awas Yojna (Urban) to the home buyers of these projects