With the Government taking a number of initiatives for better construction of homes and low cost house construction, real estate in India has not only got a strong foothold, but has also paved the way towards reinstating the interests of the homebuyers yet more. Recently, the Government has administered all the states and union territories to take on fast as well as quality erection of homes under Affordable Housing in Partnership (AHP) and in-situ slum rehabilitation (ISSR) schemes. At the same time, indentifying the required technology is always needed to come up with the best of things. And, this is the reason why Globally Housing Construction Technology Challenge (GHCTC) has been proposed to be launched for making out the best technology.
New low cost housing technology to boost affordable housing in India-
The Housing Ministry has cleared it in a meeting that the states and union territories should adopt 16 alternative low cost housing technologies that would be up to date, viable and disaster resistant. Initiative towards land modifications and improvements should also be taken on board and the ministry has commenced seven new strategies to speed up the process of Pradhan Mantri Awas Yojna. It will not only make sure that the recipients have legitimate land document, but will also put things in place to ensure perfect layout approvals as well as building permissions. At the same time, land availability is also needed for executing the plans for affordable housing in India which require a land database.
New tenets by RBI-
With the Reserve Bank of India stating the fact that the price of low cost house construction should always be less than Rs.65 Lakh in metro cities and Rs 50 Lakh in the non-metro ones, the home buyers in search of low cost housing have got to see a new drift in the pricing, as before 2014, the limit for this was up to Rs 15 Lakh for non metros and up to Rs 25 Lakh for metro cities. However, the explanation from Central Bank for affordable housing in India is based on the credits and mortgages given by several financial institutions for buying flats or apartments. At the same time, the treasury head of a public sector bank has declared that the rates of interest can drop on low cost or economical loans given out of the profits of long-term bonds.
Initiatives taken to make the ISSR projects viable-
Inducements like additional Floor Area Ratio and Transferable Development Rights have been asked for to make the ISSR projects feasible. Rental accommodation for the slum dwellers has also been solicited by the ministry while relocating them in the projects. All the states have also been asked to rake off their respective road map in regards to the slum development projects so that the transparency is maintained at its best.
Moreover, in order to prop up its subsidy scheme, the community of teachers, police departments, paramilitary forces etc. is targeted by the Government and especially, with a number of suggestions being drawn from a day-long National Workshop, the cause for using low cost housing technology has been reinstated even more.
Last but not the least; the Government has already launched the much awaited program ‘Housing for ALL by 2022’ on June 25, 2015 which has approved 30.81 lakh houses under Pradhan Mantri Awas Yojna among which 15.65 lakh houses are under construction.