Government to set up charitable body to fund affordable housing, stalled housing projects to get a boost

News Topical, Digital Desk : Union Housing and Urban Affairs Minister Manohar Lal Khattar said his ministry is working on a proposal to create charitable institutions to provide funding for affordable housing. These charitable institutions could be funded through corporate social responsibility (CSR).

He expressed concern over the lack of banks and other financial institutions to provide funding for affordable housing. Addressing the conclave of the National Real Estate Development Council (NAREDCO), Khattar also hinted at the creation of a dedicated fund to provide financing to housing projects stalled since the pre-RERA era.

Both the promoter and the buyer will benefit

This fund will be established based on industry suggestions to benefit both promoters and buyers. The Union Minister also indicated that the government will work to develop approximately 700-750 slums in and around the National Capital Region. If this work is completed, it will boost affordable housing in and around the National Capital Region.

NAREDCO suggested increasing the size of the Swamyh Fund to support stalled housing projects . Regarding the issue of affordable land for affordable housing, the Union Minister stated that this was not feasible. However, cross-subsidy could be a solution to increase the availability of land for such projects, provided a consensus was reached on the issue.

NAREDCO Chairman Niranjan Hiranandani said the government has made significant efforts to ensure that housing is a priority in the Indian economy. However, much more needs to be done to increase the housing sector's contribution by 2047.

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