Why Private Developers Not Ready to Develop Affordable Housing in Cities

Ongoing Housing Scheme

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In order to complete the promise providing affordable housing for all by 2022, the central government launched Pradhan Mantri Awas Yojana (PMAY) – Housing For All by 2022 Mission in June 2015. During the one and a half year, the central government has approved the construction of 16.50 lakh houses under Pradhan Mantri Awas Yojana across the country.

But still, there is not any private project has been included in this scheme. The private developers are staying away from the affordable housing scheme. The private developers said that there are many problems in this scheme, without removing them they will not involve in this scheme.

PHD Chamber of Commerce and Industry, Vice President and National Real Estate Development Council (NREDC) chairman Rajeev Talwar said that the government has done a great job status of infrastructure and affordable housing, but developers do not have enough money to develop affordable housing. The government needs to provide cheaper finance to the developers to develop affordable housing projects. In the coming months should provide cheaper loans to developers.

Gaurav Jain, Vice President and CEO of Jindal Realty Naredko said with regard to affordable housing is not quite clear. Each state has its own policy as to which rules are different. States are deeply flawed policies of the state government. The center also now have to bring a fresh policy. Housing Minister. M. Venkaiah Naidu today asked Secretary of Housing for a Round Table Discussion on every issue related to the affordable housing policy. Hopefully, it will come out some way.

The area where the government wants to bring affordable projects, there is no infrastructure in those areas. According to Agarwal, there are many areas where there is no road, no subway, no sewer, electricity and water. Government to develop the infrastructure, the developers can make projects affordable.

 

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