Realty sector lauds Govt nod to ‘Housing for All’

The Union Cabinet’s path-breaking decision on Wednesday to approve the launch of ‘Housing for All by 2022’ has received all-round applause from the real estate industry. The decision is primarily aimed at rehabilitation of slum dwellers and promotion of affordable housing for the Economically Weaker Sections (EWS) and Lower Income Groups (LIG) through credit linked subsidy.

Sachin Sandhir, Global MD – Emerging Business, RICS, said after toying with the proposal to provide interest subsidy on loans to EWS and LIG category homebuyers for one year, the Government has finally come out with a seamless policy with clear clauses on subsidies and other defined norms. He told Realty & More, “This is a buoyant move that can uplift the sector dogged by sky-high interest rates and rising debt. Private players will surely like to take the affordable housing segment seriously thanks to greater clarity in the policy.”

“The Government has begun from the correct direction. Enhancing the standards of living by giving proper homes and subsidised interest rates to EWS and LIG groups will not only aid in fulfilment of their social needs but also help everybody associated with the real estate sector, said Deepak Kapoor, President of Credai Western UP & Director, GulshanHomz.

Ashok Gupta, CMD, Ajnara India Ltd., said, “A saving ofRs. 2,500 per month (in EMI) means Rs. 30,000 saved in one annual year. This will greatly increase the purchasing power of people falling under EWS and LIG categories. With this money saved, they will be able to spend it on their children’s education, personal vehicle, better fooding or clothing thus helping them in a big manner”.

Brotin Banerjee, ‎MD & CEO at Tata Housing Development Company Limited, told Realty & More, “The approval of ‘Housing for All’ could be a precursor to introducing key reforms for the real estate sector. The scheme will lead to greater social inclusion and will be beneficial for the urban poor including the slum dwellers.”

In JM Housing Director Rupesh Gupta’a view, ‘Housing for All by 2022’ is a bigger term than what is being understood by the common public. He said, “There is lot more to it than just providing houses to everyone. With various schemes planned under NUHM, an overall benefit of Rs. 1 lakh to Rs. 2.30 lakh per beneficiary is assured along with a plan to build 2 crore houses to meet the housing shortage. Thus, the Government has planned to not only build more houses, but redevelop slums, decrease interest for poor section, involving private sector and also aid urban poor for renovating the existing homes.”

Kushagr Ansal, Director, Ansal Housing, said, “Releasing of inexpensive land parcels, land acquisition to become easy, interest rates to be dropped, raw material to cost less and other such steps will make sure that developers are provoked to construct houses coming under affordable segment and target audience to be EWS and LIG groups primarily.”. He added, “Once these plans start running parallel to each other, ‘Housing for All by 2022’ will see visible activity”.

In his reaction to the move, Vikas Bhasin, MD, Saya Homes, said, “This is a welcome move for not only the urban poor of the society but also for realty sector. Real estate as a sector is associated with various other key industries and thus, everybody associated to it will get the benefit. LIG and EWS groups have got news of a lifetime and now we will not only see homes for them, but a boost to their living styles as well, which is one of the key drivers of human and economic development”.