1.12 crore dwelling units were sanctioned under the Prime Minister Awas Yojana (Urban) to ensure that the Government's target under the 'Housing For All' is met by the year 2022.
On Friday, Hardeep Singh Puri (The Housing and Urban Affairs Minister) launched digital platforms of real estate bodies CREDAI and NAREDCO to promote the sale of residential properties. A guide book was also released to guide migrants' book homes easily.
A video conference was organized, and the minister launched the 'CREDAI Awaas App' and NAREDCO's online portal 'HousingforAll.com. Hardeep Singh Puri also released the knowledge pack of the Government's 'Affordable Rental Housing Complexes' (ARHCs) program to guide migrants on easy home bookings. These two portals were launched immediately as the officials found it feasible.
The Affordable Rental Housing Complexes' (ARHCs) has been launched under the Pradhan Mantri Awas Yojana – Urban (PMAY-U) as part of Atma Nirbhar Bharat Abhiyan. This will assist poor and urban migrants in finding out dignified and affordable living spaces for themselves. Apart from that, the ARHCs are a boon to the real estate developers in retaining labor on their sites as most of the young people rely on rental houses.
The Housing Minister also said that the demand for 100 percent FDI in affordable rental housing and one-time debt restructuring would also be considered. Puri denied the allegation that the Government wasn't taking enough measures to promote the real estate industry. He added that the Government is setting up a permanent working group to fasten the decision-making process. This group will have a member of the department and industry bodies.
To achieve the Government's target under the 'Housing For All' by the year 2022, 1.12 crore dwelling units were sanctioned under the Prime Minister Awas Yojana (Urban), and about 70 percent of the sanctioned houses have been grounded.
The Government is predicting a rise in the real estate industry in the coming days. With the implementation of three major schemes, including land pooling policy, the face of the national capital will change. According to the Housing and Urban Affairs Secretary Durga Shanker Mishra, the two new e-commerce platforms by NAREDCO and CREDAI can become the Amazon of real estate.
The public-private partnership model will ease the rental housing process as the Government has completed flats and vacant land.
At the virtual event, CREDAI - President - Satish Magar & Chairman - Jaxay Shah, NAREDCO President - Niranjan Hirandani, Chairman - Rajeev Talwar, and West President - Rajan Bandelkar were present.
Tata Realty and Infrastructure Ltd MD and CEO (Sanjay Dutt) represented FICCI, while Neil Raheja from CII took part in it.
Now, the prospective real estate buyers can virtually explore and get a feel of the projects from 220 cities across the country through the CREDAI Awaas App. It's a residential project discovery app that focuses on ensuring transparent home buying in India of RERA approved projects by CREDAI developers.