Private real estate developers on Sunday launched 352 projects in 53 cities in 17 States across the country with an investment of ₹ 38,003 cr to build 2,03,851 affordable houses.
According to an official statement, “These housing projects to be taken up the members of CREDAI (Confederation of Real Estate Developers’ Associations of India) across the country in the first major private investments into affordable housing.” The projects were launched by the Minister of Housing & Urban Poverty Alleviation M Venkaiah Naidu at Ahmedabad.
Maharashtra has the highest investment from this affordable housing scheme with 1,03,719 houses to be built across Mumbai, Nagpur, Ahmednagar, Jalna, Banm, Nashik, Malegaon, Pune, Satara and Solapur with an investment of ₹ 15,576 crore. Gujarat comes second with 28,465 houses to be built across Ahmedabad, Gandhinagar, Rajkot, Mehsana, Bharuch, Bhavnagar, Navsari, Modasa, Palanpur, Swarnakantha, Vadodara, Vapi, Surat at an investment of ₹ 9,525 crore. The National Capital Region of Delhi comes third with 41,921 houses to be built with an investment of ₹ 6,211 crore.
As per the details furnished by CREDAI, the cost of construction of these affordable houses will be in the range of Rs ₹ 15 lakh to Rs 30 lakh with average cost of construction coming to ₹ 18 lakh per house.
The statement also noted that the Ministry of HUPA has so far approved construction of 17,73,052 affordable houses under Prime Minister’s Awas Yojana (Urban) with an investment of ₹ 95,660 crore in 30 States and Union Territories. These approved projects are to be executed with assistance from central and state governments and beneficiary contribution under the four components of PMAY (Urban). Under this urban housing mission, central assistance in the range of ₹ 1.00 lakh to ₹ 2.35 lakh will be provided to each beneficiary. PMAY (Urban) was launched by Prime Minister Narendra Modi on June 25, 2015.