M Venkaiah Naidu, the Minister for Housing and Urban Poverty Alleviation and Urban Infrastructure, on the launch of Magicbricks Now, the 24-hour property channel by the Times News Network, said that 28 states have partnered with the Union government to make ‘Affordable Housing’ possible in India.
Naidu discussed in length with Housing secretaries; the Confederation of Real Estate Developers Associations (CREDAI) and National Real Estate Development Council (NARDECO) on streamlining the approval process that has been the primary cause of delays in housing projects.
Ministers of Finance, Defence, Culture, Civial Aviation, Environment and Forests & Climate Change have been roped to draft guidelines on environment, civil aviation, water and sanitation and urban development, so that the approvals process can be completed within two months. If not, the development can start with a deemed approvals status. Stringent enforcement; penalising violators and demolishing defaulting structures are some steps that will be undertaken if a building is constructed without an approval.
This spells a new era in the Indian housing sector where for the first time the Centre and States are working jointly towards finding solutions to vexing problems. The good news is that states have promised to support the initiative.
Another major cause for cheer is the fact that 54 scheduled commercial banks, 63 housing finance corporations, 16 Regional Rural Banks and 7 Cooperative Banks have agreed to financially support affordable housing projects under Credit Linked Subsidy component of the urban housing mission.
He also spelt out his vision of creating slum-free cities by using incentives of extra Floor Area Ratio (FAR) and Floor Space Index (FSI) to get the private sector to replicate the success of slum redevelopment in Mumbai into other cities as well.
Source - IP News
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