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CREDAI to create 250 affordable housing projects across India in 5 years

By Newsd
Updated on :
Source: hindustantimes

The Confederation of Real Estate Developers of India (CREDAI) has announced a striving plan of creating 250 affordable housing projects across the country. These houses will be of 646 square feet. It will cost about Rs 60 lakh each and they are likely to be ready in just five years.

This is corresponding to the government’s scheme to give numerous incentives to affordable housing schemes.

The goal is to support government’s mission of housing for all. “Our members will construct affordable houses for the buyers so that we take maximum benefit of the incentives provided for this scheme,” said the president elect of CREDAI, Jaxay Shah.

CREDAI also made it clear that only buildings that have appropriate authorizations will be a part of the plan. The government had proclaimed a fresh credit linked subsidy scheme for the middle income group with a budget of Rs 1,000 crore. It also proposed incentives in the form of lower interest rates on home loans, making affordable housing striking for builders.

According to a property expert, the government needs to proactively support such reasonable housing schemes. “Similar schemes have failed in the past due to lack of cooperation by government agencies and red tapeism.”

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