CREDAI throws an Ace in Affordable Housing Projects
The Confederation of Real Estate Developers Associations of India (CREDAI) has launched 352 real estate projects across 17 states. These will be developed in 53 cities with a total budget of Rs 38,003 crore. More than 2 lakh affordable homes are expected to be built with the help of these affordable housing projects.
The official CREDAI statement says that the housing projects will be taken up by CREDAI members. It will be the first mass investment by private entities in the affordable housing movement. These projects were launched by M Venkaiah Naidu, the Minister of Housing and Poverty Alleviation.
Among the Indian states benefiting from this move, Maharashtra gets the cream. The CREDAI investment will have over 1 lakh affordable houses built across Pune, Mumbai, Satara, Solapur, Malegaon, Jalna, Ahmednagar, Nagpur, Banm, and Nashik. The cost of developing these affordable housing projects is calculated to be Rs 15,576 crore. Gujarat follows Maharashtra in the second spot with a plan of 28,465 homes. These will be constructed in Gandhinagar, Ahmedabad, Rajkot, Mehsana, Bharuch, Navsari, Vadodara, and Palanpur. The total investment in Gujarat will be Rs 9,525 crore. The national capital region comes second with 41,921 houses to be built on a financial plan of Rs 6,211 crore.
Each house will cost an average of Rs 18 lakh. Moreover, the ministry of Housing and Urban Poverty Alleviation (HUPA) has authorized the construction of 17,73,052 affordable houses as well. This will be done under the Prime Minister’s Awas Yojana. Each beneficiary of the yojana will be provided with an assistance of Rs 1-2.35 lakh for the residences.
The CREDAI affordable housing projects and Pradhanmantri Awas Yojana projects in combination might bring a realty revolution. The central and state governments shall assist in the fruition of these projects. Earlier, real estate projects were scattered inconsistently with little accountability on the part of the developers. With the central and state government involved, construction and deliveries of affordable housing projects are going to be easier and faster.
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