PM Modi's Ambitious 'Housing For All by 2022 To be Launched Mid-June

By SiliconIndia   |   Thursday, 28 May 2015, 11:45 Hrs
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Housing for all by 2022

BENGALURU: As the Modi Govt enters the second year of their term, here comes yet another ambitious scheme awaiting a mega launch in the coming days. ET reports the ‘Housing for all by 2022,’ an umbrella scheme dovetailing all the previously existing housing and slum development schemes under the Ministry of Urban Development and Rural Development.  

The mission is to provide 6 lakh houses through the Ministries of Urban Development and Rural Development. According to ET sources Prime Minister gave a green signal for the launch of project around mid-June. The ministers say that this is a very big initiative taken by the government therefore the confirmation of launch date may take some more time.

Housing for all by 2022 includes all those initiatives taken on housing so far including Rajiv Awas Yojana and Rajiv Rinn Yojana. Apart from housing, the project also aims at slum redevelopment. To implement the scheme, land will be pooled and given to private real estate developers. This time the government is ready to allow the developers to generate revenue by using a portion of that land for commercial purposes. Also the government is ready to fund the developers in case of unviable projects in the form of viability gap funding.

Following this momentum, the government is soon to increase the interest subsidy from existing 5 per cent, on housing loans granted for economically weaker sections (EWS) and Lower Income Group (LIG) sections. Along with this, government is likely to increase the loan amounts from 5 lakh to 10 lakh.  

While this good news comes as a monsoon of houses for the people in the country, there is another challenge here. As the funds would be provided by the Center, the states are ready to reap the benefits of such welfare oriented schemes.

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