Realty body vows 1lakh flats for affordable housing scheme

Delhi/NCR
In a bid to promote the affordable housing scheme across UP, particularly in Noida and Greater Noida, the Confederation of Real Estate Developers Associations of India-UP chapter has made a commitment of one lakh such apartments from private builders once the state government rolls out the ambitious project.

The housing scheme is a public-private initiative where the state government will provide land while private builders are to undertake the construction work.

“We are committed to this initiative. We are now awaiting the government order under which the affordable housing scheme would be included in the infrastructure development sector. Private builders would have to register for this scheme. We are expecting major support from the government for this drive,” Prateek Gupta, a senior member of CREDAI said.

He added: “The process for building affordable houses for the lower income, middle income and the economic weaker sections is expected to be flagged off by end of 2014 in UP. Once the government order for the project is out, we commit to provide from private builders at least one lakh apartments under the affordable housing scheme.”

In fact, a number of private developers have made such a commitment to CREDAI in a recently concluded conference, UPCON, in Agra. According to CREDAI, the initiative of affordable housing provides not just an opportunity for the lower and middle-income groups to buy houses, but also for the builders to make a good business proposition. “Most builders these days are promoting luxury apartments. These apartments take time to sell. But affordable apartments would have quick buyers and would have lower turnover period, giving the builder more liquidity,” Gupta explained.

He said the exercise of the builders registering for the scheme and other formalities for the initiative is likely to start by end of 2014. According to central government projections, India currently has over 18% shortage in urban housing.

“UP is one of the major states in the country with housing problems, especially because of influx of migrants from other cities. The affordable housing scheme would help solve the accommodation problems to a great extent, if the initiative is carried out in a sustained and long term manner,” Gupta added.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/realty-body-vows-1lakh-flats-for-affordable-housing-scheme/76784.html