The move will have a positive impact on price reduction during COVID times, says Durga Shanker Mishra.
Housing and urban affairs ministry would ensure that every state passes the legislation to implement the model law within a year
Housing and Urban Affairs Ministry Secretary Durga Shanker Mishra said a memoranda of agreement will be signed with states within a month
Puri says the housing sector’s demand for one-time debt restructuring and 100 per cent FDI in affordable rental housing will be considered; suggests setting up of a permanent working group
All projects under ARHCs shall be exclusively used for rental housing purposes for a minimum period of 25 years
Real estate experts are of the view that the ARHC scheme should provide risk linked returns using means such as transferable development rights, single window clearance and strong regulatory framework to attract private developers
An expenditure of Rs 600 crore is estimated in the form of technology innovation grant, which will be released for projects using identified innovative technologies for construction
The government will also bring out detailed guidelines on Affordable Rental Housing Complexes (ARHC) for urban poor and migrants