The government today launched over 350 projects to build about two lakh houses with a private sector investment of Rs 38,000 crore, a first major initiative of corporates in the Centre's affordable housing scheme. Housing and Urban Poverty Alleviation (HUPA) Minister M Venkaiah Naidu launched the housing projects at a function at Gandhinagar in Gujarat. The Confederation of Real Estate Developers' Associations of India (CREDAI) members will invest over Rs 38,000 crore to build these houses. Under the Centre's affordable housing scheme -- Pradhan Mantri Awas Yojana-Urban or PMAY(U), the central assistance is provided to each beneficiary in the range of Rs 1 lakh to Rs 2.35 lakh. Since the launch of PMAY (Urban) in June, 2015, the HUPA Ministry has approved construction of 17.73 lakh affordable houses for urban poor with an investment of Rs 95,660 crore across the country.

Source: dna April 09, 2017 14:37 UTC