India seeks FDI in housing scheme for migrant workers |
The Indian government has decided to extend foreign direct investment to affordable rental housing projects, as it prepares to sign agreements with states to start construction. According to the Housing and Urban Affairs Ministry officials, all facilities available for affordable housing projects will also be extended to the rental housing scheme. In July, the Union cabinet had approved the scheme to provide affordable rental housing complexes (ARHCs) to urban migrants and the poor, under the Pradhan Mantri Awas Yojana (Urban) scheme. As part of the initiative, special incentives will be offered to private and public entities for developing housing complexes on their own land for 25 years and all government-funded housing projects will be converted into ARHCs through concession agreements for 25years. The scheme seeks to target more than 350,000 beneficiaries who form a large part of the the workforce of manufacturing industries and service providers across sectors. FDI is also available for other affordable housing projects and will be encouraged in rental housing as well. The government is working on getting affordable housing in the harmonized list of infrastructure so that loans are available at low rates. Affordable housing benefits will get transferred to the rental scheme as well.
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