Centre announces policy to promote private investment in affordable housing

affordable housingThe Centre has announced a new public-private partnership (PPP) policy to promote private investment in affordable housing.

The policy was announced by  Minister of Housing & Urban Affairs Hardeep Singh Puri.

The Ministry of Housing and Urban Affairs said, “Central assistance of up to Rs. 2.50 lakh per house to be built by private builders even on private lands is now available.”

The policy also opens up immense potential for private investments in affordable housing projects on government lands in urban areas, the Ministry added.

Puri expressed concern over the private sector not entering affordable housing segment despite huge scope for the same under Pradhan Mantri Awas Yojana (Urban) and an enabling ecosystem put in place through several concessions and incentives offered including the grant of infrastructure status for this segment.  Exhorting private developers to seize the investment opportunities in affordable housing, he said ‘“It is time to stop debate and swing into action.”

The policy gives eight PPP options for private sector to invest in affordable housing segment. The Minister said that the PPP options, including six for promoting affordable housing with private investments using government lands have been evolved after extensive consultations with States, promoter bodies and other stakeholders.

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