RBI calls for action on a single-window clearance nod to affordable projects

The government’s push to affordable housing through various initiatives like Credit Linked Subsidy Scheme (CLSS) under PMAY, infrastructure status to affordable housing in Budget 2017, has started an affordable wave in the country, which will provide a major thrust to the Prime Minister’s dream of ‘Housing for All’ and reinvigorate growth. Says Jaxay Shah, President, CREDAI National, “The success of these reforms is evident from the overwhelming response affordable housing projects have garnered in this year. According to industry sources, there has been an increase of 43 per cent in loan disbursements under 10 lacs in this segment. CREDAI member developers have also committed to over 375 affordable projects to build 203,851 low-cost homes across the country with cooperation of Ministry of Housing and Urban Poverty Alleviation. The industry will continue to showcase this support with even greater momentum in times to come.” He adds, “We admire and second RBI governor’s call for action on a single-window clearance nod to affordable projects as this constitutes as one of the predominant reasons for project delays and usually takes about 6-12 months. If this becomes a reality, it will not only increase the ease of doing business significantly but will also bring every home owner many steps closer to the dream of owning a house.”