The Minister of Housing & Urban Poverty Alleviation M Venkaiah Naidu announced the launch of 352 housing projects in 53 cities in 17 States across the country with an investment of over Rs 38,000 crore to build over two lakh houses.
This project which is to be taken up by the members of Confederation of Real Estate Developers’ Associations of India (CREDAI) across the country is the first major private investments initiative into affordable housing. As per the details furnished by CREDAI, the cost of construction of these affordable houses will be in the range of Rs 15 lakh to Rs 30 lakh with an average cost of construction coming to Rs 18 lakh per house.
The initiative was announced at a function in Gandhinagar, Gujarat recently.
Speaking on the occasion, Venkaiah Naidu complemented CREDAI and its members for coming forward to invest in affordable housing projects and assured them that his Ministry and Central Nodal Agencies like the National Housing Bank and HUDCO will extend full cooperation in reaching the benefits prescribed under PMAY (Urban) to the beneficiaries who join the projects launched today.
These approved projects are to be executed with assistance from central and state governments and beneficiary contribution under the four components of PMAY (Urban). Under this urban housing mission, central assistance in the range of Rs 1.00 lakh to Rs 2.35 lakh will be provided to each beneficiary.