Date: 09-07-2020 2:41PM
Source: Hiranandani Group
Category: General, Consumer Interest, Govt. & Public Policy, Lifestyle, Construction And Property, Real Estate, Construction And Real Estate
Location: Mumbai, Maharashtra, New Delhi, Delhi, India
Business Wire IndiaThe Union Cabinet earlier today, approved the Affordable Rental Housing Complexes scheme. In light of the challenges that urban poor and migrant labour faced during the lockdown, this will provide a long-term solution.
The ARHC scheme under PMAY will empower urban poor and migrant labour with affordable rental housing, said Dr. Niranjan Hiranandani. Terming the cabinet decision a 'significant move', he said this would create an urban ecosystem providing affordable rental housing to urban migrants/poor.
The first advantage from this will be proper habitat and living facilities for migrant labour, much needed to restart the urban economy, be it manufacturing or service providers.
The second advantage will be in the form of optimum usage of existing government funded vacant housing stock. Third, investment under ARHCs has potential to create new job opportunities.
Fourth, the scheme creates an environment conducive for corporates to develop AHRCs on their own vacant land, which will create new investment opportunities as also promote entrepreneurship in the rental housing sector.
The special incentives like use permission, 50% additional FAR/FSI, concessional loan at priority sector lending rate, tax reliefs at par with affordable housing etc. which will be offered to private/ public entities to develop ARHCs on their own available vacant land for 25 years, make it an attractive proposition.
The biggest plus point is that this will make housing available at affordable rent, at locations close to the place of work. This will reduce unnecessary travel, congestion and help control pollution.