Union Minister Manohar Lal has suggested the formation of a dedicated fund to revitalize stalled housing projects initiated before RERA’s introduction. This plan aligns with industry recommendations to benefit both developers and homebuyers.
During the ‘National Urban and Real Estate Development Conclave’ held by NAREDCO, the minister proposed creating charitable entities to support affordable housing for the economically weak. He mentioned utilizing Corporate Social Responsibility (CSR) contributions to generate funds, highlighting the lack of support from traditional banking for this demographic.
Additionally, the government is considering policy frameworks for developing around 700-750 slum settlements near the National Capital Territory (NCT). NAREDCO chairman Niranjan Hiranandani emphasized the need for continued government efforts to increase the housing sector’s contribution to India’s economy to 15% by 2047.
(With inputs from agencies.)