Minister supports 100% FDI in affordable rental housing

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Housing and Urban Affairs Minister Hardeep Puri on Friday came out in support of allowing 100% foreign direct investment (FDI) in affordable rental housing while speaking to leaders of the industry at the launch of a portal and app for prospective home-buyers.

Responding to the demand raised by the industry during the virtual launch of a mobile app of the Confederation of Real Estate Developers’ Associations of India (CREDAI) and an e-commerce portal of the National Real Estate Development Council (NAREDCO), Mr. Puri said: “I’m all for it, 100% FDI in affordable rental housing”.

India will continue to attract FDI, says UN trade body

Along with the e-commerce portal and app, the Minister also released a series of documents, including guidelines and memorandum of agreement to be signed with States and Union Territoriess, related to the Affordable Rental Housing Complexes (ARHCs) scheme that was announced as a part of the coronavirus (COVID-19) economic response plan of the government, the Atmanirbhar Bharat package.

Under the scheme, existing government housing projects that have been completed but are yet to be allotted to beneficiaries will be converted into ARHCs through public private partnership. The scheme also includes construction of new ARHCs.

Mr. Puri said at the webinar: “Owning a home should not be considered the be all and end all of life.” He added that rental housing was necessary for younger people starting their careers.

In a statement, NAREDCO said real estate developers would be offering over 2.7 lakh “ready-to-move-in” houses for online sales.

Affordable housing to cement a place in realty sector

Housing and Urban Affairs secretary Durga Shanker Mishra said home-buyers would be able to select homes in any city and set up appointments to visit them as per their convenience. After taking a decision, the payments would be made online as well, he said.

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