BHUBANESWAR: Vice Chairman of Bhubaneswar Development Authority Krishan Kumar on Friday said, the State Capital Region Development Fund (SCRDF), a corpus set up by the development body, has, so far, managed to mobilise `100 crore.
The fund, announced earlier in August, is aiming to generate `1,000 crore and would be utilised for infrastructure development in the capital region.
Addressing the inaugural function of the Property Expo, organised by Confederation of Real Estate Developers Association's (Credai) Odisha chapter, Kumar said, the BDA is working on a proposal to address the housing requirements of the city.
Joint Secretary of Credai DS Tripathy said, prices of real estate projects are shooting up due to lack of availability of land at reasonable prices. Although 22 per cent of the urban population is in the income bracket of `10,000 and `20,000 per month, majority of the housing projects in the Capital are in the range of `40 lakh and `50 lakh which is completely out of their reach. This can be tackled only through coordination between Government and the private developers.
He said, Government will have to construct at least eight lakh housing units to ensure housing for all but before that, it needs to formulate clear-cut policies on real estate development for urban areas so that planned development can take place.
Bhubaneswar Mayor Ananta Narayan Jena said streamlining of approval process for buildings was necessary to prevent problems in peripheral development of a property.
Earlier, Minister for Housing and Urban Development (HUD) Pushpendra Singhdeo unveiled the four-day expo in which 35 real estate developers who are participating will showcase more than 100 housing projects. Each housing unit are priced at `15 lakh and above.
As many as 12 banks have put up their stalls to provide loan assistance for customers interested to buy property at the expo. In addition, 13 stalls displaying different housing and lifestyle products have also been put up.