Real Estate Bodies sign Pacts with Maharashtra to construct 9 Lakh Affordable Homes by 2022

Government of India has introduced the most revolutionary concept of affordable homes. It has made a significant impact in the real estate industry. Now various real estate bodies have come up with proposals to introduce affordable homes. Recently, CREDAI CREDAI-MCHI and CREDAI Maharashtra are the two prominent realty bodies have come up with pacts to develop over 9 lakh affordable homes. The government has planned to develop affordable homes for medium and low income groups by the year 2022. The real estate bodies have planned to deliver around 9 lakh affordable homes from 2018 to 2022, as per the agreement.

For the “Housing for All by 2022” plan, it is a significant boost. These homes will evidently be developed for lower income groups and these homes will consist of all the basic amenities to meet the needs of residents. Today, everyone wants to have a home in India, especially in the metros. Many developers are offering world-class apartments. But these homes are dedicated to middle-income and high-income groups. On the other side, “Housing for all” scheme is dedicated to settle all class of people.

To improve the transparency in real estate, the government has taken all the major steps over the past few years. In 2016, the step of demonetization helped government curb black money in real estate industry to a huge extent. The government also introduced other policies like RERA and GST to further strengthen the real estate market. The regulatory body is aimed to keep track on the activities of developers and crack doewn on the corrupt builders.

The CREDAI-MCHI or the Confederation of Real Estate Developers Association of India is going to develop over 2.5 lakh homes in the city of Mumbai, and the rest of 6.5 lakh homes will be distributed across the rest of Maharashtra. The major reason behind such a huge number of homes across the city is commercial significance. Mumbai has become the center of attraction for homeowners over the years. People from different parts are looking for homes in the city. But the property prices are significantly high.