With the implementation of inclusive housing the government aims to kick-start projects that have been on hold so far
The state government's housing department has come up with a new idea of inclusive housing. The government's housing arm claims that it went through various aspects of housing and realised that many slum redevelopment projects are in limbo because of lack of funds.
To overcome this aspect, the government has already held talks with the State Bank of India, and asked them to provide loans to the builders facing trouble. Banks normally do not lend to builders, however, the government has kept a condition that builders will be provided with loan, only if they construct houses in the saleable building not above 30 sqm (1 BHK).
The reason behind the smaller homes is to accommodate those Mumbaikars who cannot afford a house in the city. Debashish Chakravarthy, senior IAS officer and the brain behind this proposal confirmed the development.
According to Chakravarthy, they have already spoken to the bank and talks have moved ahead from the initial stage. "Normally banks do not fund builders, but then after affordable housing was given industry status, we asked the SBI to step in and they have agreed," he said.
The plan is that many builders working on SRA projects are facing a major financial problem. Via this scheme, the government plans to help builders complete projects, rehabilitate slum dwellers and then even the sale component will have houses that are smaller in size and affordable.
"Apart from providing loans, these houses will be linked to the PM's pet project Pradhan Mantri Awas Yojana, and will be given to people who cannot afford expensive homes. This is the kind of inclusiveness that we are trying to bring in," said Chakravarthy.
Builders after building homes for slum dwellers, construct luxurious homes for buyers and there exists a stark difference. With this, the government claims it's trying to overcome it.
...& ANALYSIS
- With the implementation of inclusive housing the government aims to kick-start projects that have been on hold so far.
- It also aims to construct affordable homes within city limits for those who cannot afford the ever-increasing real estate prices.
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