The Meeting of Parliamentary Consultative Committee attached to the M/o Housing and Urban Affairs was held in New Delhi today. Minister of Housing and Urban Affairs and Petroleum and Natural Gas Shri Hardeep Singh Puri chaired the meeting. The meeting was attended by Minister of State in the Ministry of Housing and Urban Affairs Shri Kaushal Kishore. Hon’ble Members of Parliament of various political parties took part in the meeting.The subject of the meeting was “Housing for All”.
In the meeting, it was informed that India is urbanizing rapidly. Almost 37 crore people lived in urban centers in 2011 and the figure is likely to go up to over 88 crore by 2050. The Real Estate Market is almost US $ 120 billion contributing to 7% of GDP and provides employment to over 5 crore people.
Regarding the Real Estate (Regulation and Development) Act, 2016 (RERA), it was informed that this is a transformative legislation, which was enacted in 2016, marking the beginning of the new era in the Real Estate Sector. The Act seeks to regularize and promote Real Estate Sector and protect interests of home buyers in transparent and accountable manner. It ensures fair transactions, timely delivery and quality construction through speedy adjudication of disputes. 35 States and UTs have notified the rules and 30 States/UTs have constituted the Regulatory Authorities. 67,844 projects are registered under the Act, and over 70,000 cases have been resolved so far.
Regarding Model Tenancy Act, it was informed that the Tenancy Laws are the State Subject. The Model Tenancy Act has been prepared by MoHUA in consultation with States and UTs and the same has been circulated to themwith the approval of Union Cabinet for adoption. It envisages to balance interests and rights of tenants and landlords in accountable and transparent manner. It aims to create vibrant and sustainable rental housing market and facilitate to unlock the vacant houses for rental purposes.
Regarding Pradhan Mantri Awas Yojana – Urban [PMAY-(U)] , it was informed that it envisions to provide all weather houses to eligible urban households by the year 2022. All Statutory Towns and Notified Planning Areas have been covered under the scheme. The house has to be in the name of women or joint ownership, with lady as the first holder of ownership. The assessed demand for houses under PMAY(U) is at 1.12 crore. Against this, 1.13 Crore houses have been sanctioned, Out of them, 85 lakh have been grounded for construction and over 50 lakh completed/delivered.
Under the Credit Linked Subsidy Scheme (CLSS), which is a Central Sector Scheme, interest subvention is provided on home loans taken by EWS/LIG/MIG for purchase, construction or enhancement of house. Out of 16.35 lakh CLSS beneficiaries, more than 6 lakh are from Middle Income Group. Committed Central Assistance on all houses sanctioned under PMUY(U) is Rs.1.82 lakh crore of which Rs.1.06 lakh crore has been disbursed.
For ease of living for urban migrants/poor, affordable rental housing complexes are envisaged. Projects are to be considered till March, 2022. This is for all Statutory Towns, Notified Planning Areas and areas under Special Area/Development Authorities/Industrial Development Authorities. Public/Private sector entities have approved for granting rental housing for over 1.02 lakh houses/dormitory beds.
It was also informed that infrastructure status of affordable housing has resulted in lowering the cost of borrowing encouraging private participation. 100% FDI under automatic route has been allowed in projects for construction of housing – residential/commercial premises, roads, education institutes etc.
Hon’ble Members of Parliament made several suggestions with regard to various initiatives and schemes in the Ministry of Housing and Urban Affairs. Shri Puri thanked the Members for their participation.
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(Release ID: 1744257)
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