Pocket friendly homes for all
Government will provide land to private developers for the housing units at Gothapatna. The expression of interest will be published within two to three months.
Apr 10, 2013
Source : The Times Of India

 

BHUBANESWAR: The state government is all set to create 5,000 affordable housing units in the city soon by involving private developers, housing and urban development (H&UD) secretary Injeti Srinivas said here on Tuesday.

"Government will provide land to private developers for the housing units at Gothapatna. The expression of interest will be published within two to three months," Srinivas told reporters.

Srinivas said the government has earmarked around 100 acre for low cost housing projects here, of which around 15 to 20 acre will be given to selected developers for coming up with the projects, he said.

The government will undertake such a venture for economically weaker sections (EWS) and lower income groups (LIG) for the first time after it enunciated the Scheme for Affordable Urban Housing in Odisha-2012. The government has kept a benchmark of income up to Rs 7,500 per month as EWS and Rs 7,501 to Rs 15,000 as LIG.

The H&UD secretary said the houses will be available in the range of Rs 3.5 lakh to Rs 15 lakh. Once the housing projects come up there, government will connect the locality by city buses. As per the government policy, while at least 75% of dwelling units of such projects shall be utilized for EWS and LIG housing, the developer shall be free to use the balance area in any manner subject to building regulations.

After Bhubaneswar, government plans to roll out the scheme in others cities such as Cuttack, Berhampur, Sambalpur, Rourkela and Puri, besides Jharsuguda, Jajpur, Kalinganagar, Angul, Balasore and Paradeep in the first phase.

Srinivas said the government aims to create 20,000 housing units per year for EWS and LIG category using different models involving the city development agencies, Odisha State Housing Board and private developers.

Srinivas said Odisha needs an estimated 4.10 lakh EWS and LIG urban housing units at present. The state needs funds to the tune of Rs 15,120 crore to meet the target of houses for beneficiaries under Rajiv Awas Yojna (RAY) alone while Bhubaneswar alone needs Rs 1,680 crore for the same. Since the government alone can't arrange such huge funds, private developers will be involved in carrying out certain projects," Srinivas said.

Private developers had mixed reaction to the latest government move. "Huge cost of land is a major impediment for builders to launch low cost housing projects. Unless the government brings down the land cost, it will be difficult for developers to execute projects for EWS and LIG categories," said Real Estate Developers Association of Odisha (REDA) president Pradipa Kumar Biswaroy. Sharing similar views, Confederation of Real Estate Developers Association of India (CREDAI) national joint secretary D S Tripathy said the government should provide land at an attractive rate to developers to undertake affordable housing projects. "At the current rate, it will be difficult to attract developers for affordable housing projects. Since the government owns 75% land in Bhubaneswar, correction in land price will encourage affordable housing projects. Since buyers in this segment are huge, it will also boost the sluggish real estate market," Tripathy said.

Latest Realty News

DFID set to foray into the sector
Apr 10, 2013
Department for International Development (DFID), UK’s funding agency, is all set to foray into affordable housing sector with funding commitment of Rs. 400 crore in the country.
Affordable housing on top of Credai agenda
Apr 09, 2013
The Confederation of Real Estate Developers Associations Of India (Credai), an apex body of real estate developers with over 10,000 members across 20 State, plans to focus on affordable housing, green buildings, water harvesting and skill development programer among construction workers.
Realtors under Sebi scanner for fraudulent investment schemes
Mar 24, 2013
NEW DELHI: Suspecting investor frauds in the projects being launched by numerous real estate developers, capital markets regulator Sebi is probing them for possible violations of Collective Investment Scheme regulations.
Patna heritage bungalows dismantled for Rs 360cr museum
Mar 24, 2013
PATNA: Even as Bihar marks 100th anniversary of its foundation day at the historic Gandhi Maidan here, exhorting people to celebrate its heritage, six of the capital's British-era heritage bungalows are being dismantled to make way for a 360-crore "world-class" museum.
Advance India to invest Rs 600 crore to develop premium houses
Mar 23, 2013
NEW DELHI: Real estate developer Advance India Projects will invest Rs 600 crore to develop around 600 premium residential units over the next 3-4 years in Gurgaon.
Delhi NCR sees pick up in home sales in January, Mumbai home sales down
Mar 22, 2013
NEW DELHI: The National Capital Region saw a pick up in home sales in the month of January when compared to the same period last year. Home sales in the Mumbai Metropolitan Region (MMR), though, still dropped in this period, says a report by real estate data analytics and research firm Prop Equity.
Builders cut apartment size and price to perk up demand in dull market
Mar 22, 2013
NEW DELHI/MUMBAI/BANGALORE: Builders have begun to bring down prices to prop up home sales in an abysmally dull market, gladdening the hearts of potential buyers.
Jharkhand amends building plans in rebel areas
Mar 21, 2013
RANCHI: The war between Maoists and security forces has now spilled over into building plans. The former has threatened to blow up all double and multi-storey buildings, forcing the Jharkhand government to amend building plans in rebel-dominated areas.
TDR buyers in income-tax net
Mar 21, 2013
BANGALORE: Preliminary investigation by the income-tax department revealed that some taxpayers have not declared their Transferable Development Rights issued by the BBMP in the tax declarations.
No slowdown in real estate sector, demand coming from tier-II, III towns: DLF
Mar 21, 2013
LUCKNOW: While the country may be going through a slowdown, country's leading real estate player DLF says that it did not feel any such downward pressure. Vice Chairman and MD, DLF, Mohit Gujral said that the demand for residential and to some extent commercial projects was always there and DLF did not feel any effects of the slowdown.

Latest Realty News Of State

Realty Talk's