The Budget that was being touted as a make-or-break one for the future of India, and the government made some big announcements on the infrastructure front and also on beneficial changes to the affordable housing segment.
Talk about an action-packed year! With RERA, GST, the Benami Act, FDI reforms, and more, there was never a dull moment in 2016. Adding to it all was the landmark day for India- November 8, 2016 - when demonetisation was announced.
Affordable housing is not just about providing homes to the lower-income strata of society, though that is what the Modi government's avowed intention behind the 'Housing for All by 2022' doubtlessly is.
The Ministry of Housing and Urban Affairs has asked the National Housing Bank (NHB), HUDCO and public-sector banks to more proactively promote the Credit-Linked Subsidy Scheme (CLSS) of the Prime Minister Awaas Yojana (PMAY) (Urban) to meet the target of Housing For All by 2022.
The Ministry of Housing and Urban Affairs has asked the National Housing Bank (NHB), HUDCO and public-sector banks to more proactively promote the Credit-Linked Subsidy Scheme (CLSS) of the Pradhan Mantri Awas Yojana (PMAY) (Urban) to meet the target of Housing For All by 2022.
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.
'It is time we see an action-oriented approach from the industry,' says Hardeep S Puri, Minister of State, Housing and Urban Affairs Ministry Affordable housing has been accorded 'infrastructure status'under the harmonised master list of infrastructure subsectors.
In a letter addressed to Hardeep Puri, Minister, Ministry of Housing and Urban Affairs, real estate body CREDAI has requested the Housing Ministry to initiate certain amendments – led by the implementation of the single window clearance mechanism – in the Indian real estate sector.
Mahindra Lifespace Developers (MLDL) has launched ‘Happinest - Palghar’ – the first affordable housing project to be undertaken by a joint platform between the company and HDFC Capital Affordable Real Estate Fund-1 (HDFC Capital), a fund managed by HDFC Capital Advisors.