In a recent development in the real estate sector in India, the Centre has approved nearly 3.31 new houses in the affordable segment. This takes the total number of homes being funded as per the Pradhan Mantri Aawas Yojana (Urban) scheme to 96.5 lakhs. This approval consists of six light houses projects (LHPs). These would be necessary for constructing around 6,368 residential units across six Indian states. The respective number of houses in each of these states are; Uttar Pradesh (1,040), Tripura (1,000), Tamil Nadu (1,152), Madhya Pradesh (1,024), Jharkhand (1,008) and Gujarat (1,144). From the participating states, 606 proposals were approved by the authorities. According to the plan, it has been decided that as many as 3, 31,075 more houses that fall within affordable housing would be developed.
The approval of the committee gives a boost to the real estate sector in India. A significant amount of investment would be involved in the new projects that are likely to come up in the respective cities. The estimated amount of investment in these projects would be around INR 15,125 crore. Out of this, the Centre would be providing assistance of INR 5,092 crore. Till date, the Union Housing and Urban Affairs Ministry have already approved the development of 96.5 lakh affordable homes under PMAY(U). A total of 1.12 crore houses have been validated, which would be coming up in the subsequent years.
The government has launched several schemes, including the affordable homes scheme, as a part of its ambitious project to ensure Housing for All by 2022. In large cities as well as the suburban areas, several new residential complexes are being developed. The developers are focusing on low-priced and affordable projects which can cater to the needs of the middle-income groups. In the last few years, the sales of such apartments in many cities have been on the higher side. With the initial success of affordable homes, the government has further approved the development of additional homes. This explains why the new homes have been sanctioned after the latest meeting.
The real estate sector in India has been going through several changes over the last few years. As sentiments are expected to realign in the current year with additional fiscal policies and reforms, the overall market will present more extensive options for those seeking affordable homes.
