Housing for all

A scheme for the middle-income group and the construction of two crore additional dwellings in rural areas are expected to spur the Centre’s ‘housing for all’ agenda. Finance Minister Nirmala Sitharaman, in her interim Budget speech, announced the launch of a programme to help deserving sections of the middle class, living in rented accommodation, slums/chawls and unauthorised colonies, to buy or build houses. The green light to affordable and regulated housing projects for urban buyers is a welcome initiative. The flourishing business of unauthorised colonies, with sub-par facilities, thrives as it caters to the overwhelming demand. The routine regularisation of such illegal constructions by state governments, irrespective of the party in power, is also an inescapable reality.

It is the election season and political motives are bound to be attributed to the announcements. Even if that’s the case, affordable housing schemes can have a transformational impact on the real estate and allied sectors. The regulatory framework that such schemes provide also offers a cushion against falling into the trap of fraudsters and losing hard-earned money. The Prime Minister has also promised a relief in interest rates on loans. The contours of the urban programme would be keenly awaited.

A higher share of houses has been assigned to women under the Pradhan Mantri Awas Yojana-Gramin. The flagship Central scheme, involving the states, aims to provide pucca houses with a minimum area of 25 square metres and basic amenities to people in rural areas who are homeless or live in kutcha and dilapidated houses. It remains a popular initiative, helping push capital expenditure. The government claims that it is close to achieving the target to build three crore houses. There is a need to keep up the good work.

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