India need to construct 12 million houses

India need to construct 12 million houses

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According to HardeepPuri, Minister of State of Housing & Urban Affairs (I/C) the nation has the mammoth task of constructing about 12 million houses under EWS/LIG segment of the society in order to achieve the goal of Housing for All. In order to promote affordable housing, the government has made several efforts to create enabling environment and eco-system.Towards such an end, the Government has granted infrastructure status to affordable housing which will enable these projects to avail the associated benefits such as lower borrowing rates, tax concessions and increased flow of foreign and private capital. The announcements were also made pertaining to the affordable housing such as profit-linked income tax deduction, relaxations on tax for vacant/unsold units for 1 year, counting of the carpet area instead of the built-up area of 30 and 60 sq.m., among others.

The Global Housing Construction Technology Challenge (GHCTC), a mega global event has been initiated to attract innovative construction technologies which are adaptable, sustainable, low cost and can be used for creating Large Scale Affordable Housing at rapid pace.  “Over the next five years until 2022, we will see affordable housing action on the ground unfolding at an increasingly rapid pace – and everyone, not least of all the country’s economy and most importantly the long-neglected end-user of affordable housing, stands to benefit”, he further added.