Incentive package to boost low cost housing soon

Incentive package to boost low cost housing soon

To encourage construction of houses for economically weaker section of society, government is mulling to introduce an incentive package for stakeholders of the 'affordable housing for all' project.

"We have taken several measures, including interest subsidy scheme for housing the urban poor and the recent stimulus package announced by the Prime Minister for housing sector and more such fiscal measures are being worked out," housing and urban poverty Alleviation minister Kumari Selja said on Monday.

There is a shortage of 24.7 million housing units in urban areas at the beginning of the 11th Five Year Plan.

Admitting the flaws in the housing sector planning for the huge gap between demand and supply, Selja said unfortunately the private sector only focuses on high-end housing and ignores low cost units.

Highlighting the need for the involvement of private sector, she said there is a definite potential in the large scale construction of low cost housing units in the country.

"We have sanctioned more than one million houses for urban poor.

"While about 54,000 houses are being completed, construction of 3,10,000 houses is in progress," she said.

Mentioning the Deepak Parekh Task Force, set up to look into a strategy for affordable houses, she said the committee has submitted its report.

"I have called a meeting of all state housing ministers on January 20 in order to discuss the issues and strategies for taking up large construction projects to reach the goal of affordable houses for all," said Selja.

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