New incentivised schemes for affordable housing in offing: Planning Commission
14 Jan 2009, 1538 Hrs

Add comment          Mail          Print          Write to Editor

New Delhi, Jan 14 (ANI/Business Wire India): In its forthcoming mid-term appraisal, the Planning Commission is likely to unveil couple of new incentivised schemes for real estate sector so that it acquires a priority status at times of meltdown and provide for "affordable housing".

Announcing this at the ASSOCHAM National Conclave on Threat Before Real Estate Sector - What are Solutions? held here today, Housing and Urban Development Adviser in Planning Commission, Harish Chandra said that the Cabinet Secretary has already convened a meeting of all States to seek solutions to revive stressed sectors including that of real estate, without specifying the date for the meeting.

He, however, added that the mid term appraisal of Planning Commission will now take place immediately after conclusion of forthcoming Parliamentary Polls.

"The new schemes will be unfolded during the forthcoming mid-term appraisal exercise of the Planning Commission even at the cost of deficit financing for which the Commission will enter into series of consultation with industry association like ASSOCHAM," said Chandra.

According to him, in its recent exercises, the Planning Commission, the RBI and the Finance Ministry have jointly announced series of measures to rebuild confidence in Indian economy and many more such initiatives could also be announced by the Commission after concluding the proposed mid-term appraisal, hinting at further lowering of interest rates for affordable housing.

In the meanwhile, Chief Executive Officers of Omaxe Ltd., Raheja Developers, Pioneer Urban Land and Infrastructure, Jones Lang LaSalle Mehgraj that participated in ASSOCHAM organized conference on Real Estate sector, collectively raised their voice, opposing foreign direct investments in real estate sector.

CMD, Omaxe Ltd., Rohtas Goel who heads the ASSOCHAM Real Estate Committee said that FDI's in real estate would neither increase supply and demand for affordable housing. Their entry into it will enhance and shoot up the prices of land and therefore, real estate FDI's should be discouraged, as this will pose a serious challenge to affordable housing.

He demanded that the present model on which real estate sector currently stands crippled, needs to be changed and sought that in its stimulus packages of Rs.40, 000 crore for infrastructure development, Rs.10,000 crore should exclusively be allocated for real estate sector as subsidy so that affordable housing becomes a reality.

Goel said that he has decided to offer affordable housing to people for which the first site identified is that of Indore and subsequently this initiative will spread in other parts of the country like Chandigarh, Ludhiana and Jaipur.

Speaking on the occasion, Navin Raheja, Managing Director, Raheja Developers and Sr. Member of ASSOCHAM Real Estate Committee also opposed FDI's entry into real estate as it would lead to shooting up of land prices and hardly provide for affordable housing.

According to him, the real estate which is currently under stressed would come out of it in next two to three months as developers would have to build houses for all stake holders to stay and survive in the business. (ANI)

Related Latest

Cheating hubby pays $100k to ex lover under new Oz 'mistress laws'! Britney's onstage miming may prompt new Oz legislation 'Combat Barbie' steps in as new Miss England First dino footprints recognized in New Zealand date back to 70 mln years McCullum spurred New Zealand thrash Pakistan by 64 runs in second ODI New approach to prevent spinal cord damage Taylor Swift re-enacts Kanye West's VMAs flare-up in new video New class of supernova explosion discovered by scientists BB assassination probe commission asks Pak to arrange meeting with Musharraf, ISI officials Fire break in Jaipur forces Siberian birds to explore new wetlands

Related Latest

Cheating hubby pays $100k to ex lover under new Oz 'mistress laws'! Jordan's cross dressing beau likes to pose as Superman, ninja warrior Facebook's 'Sperminator' gets girls pregnant in few clicks! Prince Harry, Chelsy 'get all chummy' at London rugby union MJ's 'suffering' doc Murray comes out of hiding Congress activists protest against MP CM's anti-Bihar remark Aretha Franklin, Stevie Wonder 'to perform at Motown Record's 50th anniversary' Penang to hold world's biggest pillow fight for charity Prince Harry to pay tribute at the Cenotaph Jackson family 'hires detectives to find MJ's secret girlfriend'

• Cheating hubby pays $100k to ex lover under new Oz 'mistress laws'!
• Jordan's cross dressing beau likes to pose as Superman, ninja warrior
• Facebook's 'Sperminator' gets girls pregnant in few clicks!
• Prince Harry, Chelsy 'get all chummy' at London rugby union
• MJ's 'suffering' doc Murray comes out of hiding

• बीकानेर महापौर चुनावः एक विश्लेषण
• Deepawali: The Festival Of Lights
• Nine tips for nine nights
• need new prevention tech for HIV, other STIs and UP
• "Good health is India's basic need": Easier said than done Mr Prime Minister!