A CREDAI delegation comprising Shri Lalit K. Jain, Chairman, Shri C Shekar Reddy, President, Shri Sanjeev Srivastva, and Shri Jaxay Shah both Vice Presidents met with Shri M. Venkaiah Naidu and presented CREDAI’s recommendations on the theme of ‘Housing for All by 2022’
Lalit K. Jain, Chairman, CREDAI welcomed the bringing together of Departments of Housing and Urban Poverty Alleviation and Urban Development within the same Ministry hoping that it would enable an integrated view on urban development and housing to emerge. He urged the Government to implement the reports of the two Task Forces on Affordable Housing,and Rental Housing and theCommittee to Streamline Approval Procedures for Real Estate Projects (SAPREP) which is the low hanging fruit in his opinion. CREDAI in its recommendations has also sought to reduce the cost of borrowing for the housing sector. This can be achieved by a mix of interest subvention for the low income borrowers on the one hand and increasing the access to finance by developers. To augment the finance for the housing sector, CREDAI has sought the removal of minimum requirement of 50,000 square meters and capital requirement of USD 5 million for FDI in case of affordable housing, automatic ECB and higher refinance from NHB to Housing Finance Companies.
Lalit K. Jain, Chairman, CREDAI welcomed the bringing together of Departments of Housing and Urban Poverty Alleviation and Urban Development within the same Ministry hoping that it would enable an integrated view on urban development and housing to emerge. He urged the Government to implement the reports of the two Task Forces on Affordable Housing,and Rental Housing and theCommittee to Streamline Approval Procedures for Real Estate Projects (SAPREP) which is the low hanging fruit in his opinion. CREDAI in its recommendations has also sought to reduce the cost of borrowing for the housing sector. This can be achieved by a mix of interest subvention for the low income borrowers on the one hand and increasing the access to finance by developers. To augment the finance for the housing sector, CREDAI has sought the removal of minimum requirement of 50,000 square meters and capital requirement of USD 5 million for FDI in case of affordable housing, automatic ECB and higher refinance from NHB to Housing Finance Companies.
