Interest subvention scheme for housing sector soon: Venkaiah Naidu

NEW DELHI: The government will soon launch an interest subvention scheme in the housing sector that will meet part of the buyer’s home loan burden, Union urban development minister M Venkaiah Naidu said on Monday. Speaking at the annual Confederation of Real Estate Developers’ Associations of India ( CREDAI) Conclave, Naidu said the scheme will benefit home buyers in the middle and lower income groups besides those belonging to the economically weaker section (EWS) category.

The scheme will give fillip to affordable and low-cost housing segments across the country. According to the government, there is a shortage of 18.78 million housing units in the country, of which 90% are in the EWS and LIG category. Naidu said the real estate regulation and development bill is in the final stages of consultation and will be set to the Cabinet soon. He said he expects it to be presented to Parliament in the current session.

“I have gone through it personally. We have taken the views of various stakeholders, including real estate sector. Then we will go to the Cabinet shortly. Once the Cabinet approves, I am hoping we will get early clearance, then we will go to Parliament. If not this session, at least by the Budget session, the bill will be a reality,” Naidu said. The minister assured developers that the bill, which seeks to protect home buyers from harassment by developers, will only regulate the industry and not strangulate it.