In view of the ever increasing housing shortage in cities and towns, the Union Ministry for Housing & Poverty Alleviation has decided to set up a high-level committee to recommend policy interventions to facilitate creation of rental housing stocks to cater to those who cannot afford to buy houses. The decision comes after several rounds of representation by the industry bodies, CREDAI & NAREDCO.
The government has formed a committee to evolve a workable strategy for reducing the time taken in approval of real estate projects which could ultimately reduce the cost of houses by 25 to 40 per cent, minister of housing and urban poverty alleviation Kumari Selja said on Friday, May 11.
The rate at which economy is growing our urban centers shall add at least 100 million people by year 2020 merely on the account of urbanization. To provide housing to so many people India needs to invest a trillion dollars over the next 10 years. This is equivalent to 80 times our education budget allocation for year 2011-12.
The share of housing sector to the overall GDP (gross domestic product) is likely to rise by one per cent to 6 per cent on increased investment.
Tata Housing has launched its first pan-India retail brand – GoodLife, specially designed to bring mall culture to urban localities where there are no malls.
TATA Housing has announced its plans to expand its presence in the tier-II cities of India, by signing its first PPP venture in the ‘Temple City of India’ – Bhubaneswar, in association with Bhubaneswar Development Authority (BDA).
Redevelopment as a method of urban renewal may involve relocating businesses and people. It must produce tangible economic benefits so that the trouble and expense of redevelopment is justified.
The Government has asked private real estate developers to participate in creating affordable housing stock and help in making India slum-free.
The Carlyle Group on Thursday, August 25, said it has invested $26 million in Value & Budget Housing Corporation, the Bangalore-based low-cost housing developer promoted by former Mphasis Chairman Jaithirth Rao.
New building technology created by International Steel Structures (ISS), is ready to help reduce India’s housing shortage by being able to provide housing units with structural integrity in a matter of days from production.