Need for Realty Sector to Come forward and Participate for Upgradation and Creation of Affordable Housing Stock

New Delhi August 03, 2013: Dr Girija Vyas , Minister for Housing & Urban Poverty Alleviation called upon the realty Sector to come forward and participate through capital and technology for up gradation and creation of affordable housing stock and help the Government build an inclusive India. She said this while addressing 9th Edition of Conference on Real Estate “ Vision for Real Estate Sector , Housing & Retail” being organized by Confederation of Indian Industry ( CII) here today. Exhorting the realty sector to come forward to supplement the Government’s efforts , Dr Vyas said “In a country like India, where housing represents a key component of economic growth contributing 5% to the GDP and there still being a shortfall of 18.7 million units ,improvised building technologies to promote mass housing and economies of scale, could go a long way in addressing the housing shortfall.” She further said “The Investment required for up-gradation and creation of new affordable housing stock as envisaged by the various schemes and programmes of my Ministry and Government of India would be huge.” 

Highlighting the major initiatives of the Ministry of Housing & Urban Poverty Alleviation for providing affordable housing for urban poor , Dr Vyas said “The Jawaharlal Nehru National Urban Renewal Mission (JNNURM) is one of the flagship schemes, which was a fast track reform driven investment programme aimed at creating economically productive, efficient, equitable, responsive and inclusive cities. Speaking about recently launched programme Rajiv Awas Yojana (RAY) , the Minister said “ it envisages a ‘Slum free India’ with inclusive , equitable cities and where every citizen has an access to basic social and civic services , stronger livelihood linkages and decent shelter.” This programme envisages Central Government support for slum development and creation of affordable housing. Under this Affordable Housing in Patrnership Scheme ( AHP) and the Interest Subsidy Scheme for Housing the Urban Poor ( ISHUP) now called Rajiv Rinn Yojana ( RRY) dovetailed with RAY with a view to improve the supply side and demand side incentives for affordable housing for the urban poor. Under , RAY, RRY and AHP , Government will support establishment of 2.5 million housing units, Dr Vyas stated. 

Dr Vyas stated that the Real Estate ( Regulation & Development ) Bill ,2013 has been approved by the Cabinet and is proposed to be introduced in the Parliament in the monsoon session. It will ensure consumer protection and promotion of the Real Estate sector through effective regulation and introduction of speedy mechanisms for adjudication of disputes. She further stated that this legislation shall instill standardization and professionalism in the sector and hence catalyzing domestic and foreign investments. 

Giving the details of various Governmental interventions made so far for the proper growth of real estate sector in India , Shri A K Misra, Secretary , Ministry of Housing & Urban Poverty Alleviation in his address stated that last decade has witnessed stupendous growth in this sector. On the issue of delayed approvals , Shri Misra stated that the several steps are being undertaken by the Ministry in consultations with the State Governments so as to expedite the approval process. Allaying the fears of industry regarding the Real Estate ( Regulation & Development ) Bill , he said that the Bill will allow a professional player to compete professionally and help to develop the sector in a healthy and legal manner.