CREDAI To Contribute To Housing For All; Plans To Build 375 Affordable Housing Projects
The government of India is working rigourously towards making the dream of Housing for All by 2022 a reality. In a recent development, to help government achieve this target, Confederation of Real Estate Developers' Associations of India (CREDAI) has announced that they will build 375 affordable housing across the country in next five years. While developers are upbeat about targeting the mid and premium segments, there is still a low supply of low cost or affordable homes. But now, the developers see these affordable homes as a new source of revenue.
Under the plan, the members of CREDAI will be contributing to the number. The association has already established a model that will boost the affordable housing segment along with the budget announcements that have incentivised affordable housing.
According to the model created by CREDAI-National, the projects will be initiated under the purview of different state or city chapters. Sized at 646 sq ft, apartments under the plan will cost nearly Rs 60 lakh each. The model will soon be announced at an event to be held at Gandhinagar which will be inaugurated by M Venkaiah Naidu, Union Minister for Housing, Urban Development and Urban Poverty Alleviation along with Gujarat's Chief Minister Vijay Rupani.