In a major step towards development, the Indian government launched a ‘Housing for all’ initiative which focuses on creation of affordable homes. This is especially important looking at the present situation where a large number of people are moving to towns and metropolitan cities from the rural areas. In order to provide them living spaces, a keen focus shift has taken place hinting towards creation of over 2 crore affordable homes. Neptune Developers Group lauds this approach as it will benefit the economy in diverse ways.
The attempt is to have the drive accomplished by 2022. In this, the government expects to rehabilitate all the slum dwellers in proper houses and around 2 crore houses will be developed. The major beneficiaries of the ‘Housing for all’ will be those who fall under the Economically Weaker Section (EWS) and Lower Income Group (LIG). By providing them with proper houses, their standard of living is being elevated by the government. The idea is to create houses that can be easily purchased by those who are not financially well-off.
Government has provided several relaxations so that the properties can be bought easily under ‘Housing for All’. For slum rehabilitation, each family will get a central grant of Rs one lakh. For EWS and LIG, the grant can range from 1 to 2.5 lakh per house. The rate of interest has also been reduced to a good 6.5% from 10.5 %. Such a massive drop in interest rates will lead to a minimum saving of Rs 30,000 per year. This sum is good enough to be used in some other matters like children’s education or improving financial stability of the financial.
Neptune Developers believes that ‘Development for all’ is a holistic approach towards making India a better country. It not only circles around infrastructural development but encompasses social development as well.