Assocham: ‘Infrastructure status’ should be granted to affordable housing sector
According to Assocham, the affordable housing sector should be granted ‘infrastructure status’ because the sector has the potential to invigorate the economy.
Seeking ‘infrastructure status’ for the affordable housing sector, Assocham has put forth the opinion that the sector has the capacity to generate a ‘multiplier effect,’ both in terms of creation of employment and demand in crucial sectors including power, cement, and steel.
Against the backdrop of the fact that approximately 18.78 million additional houses are needed in the country, with 95.62 percent of them in the economically weaker sections (EWS), the lower income group (LIG), and the middle income group (MIG), Assocham President Rana Kapoor said that the grant of ‘infrastructure status’ to the affordable housing sector will pave the way for more capital and investments.
Moreover, about the other steps which need to be taken for the benefit of the affordable housing sector, Assocham said that land records should be digitized and insurance/pension funds should be allowed to make investments in the sector.
Finally, Kapoor also asserted that conditions for FDI should be made less stringent, and the minimum capital requirement should be lowered to $5 million from the present $10 million. In addition, the minimum term before repatriation should also be reduced from three years to one year.
Source: The Financial Express
affordable housing sector., ASSOCHAM, Assocham report, Associated Chambers of Commerce and Industry of India (ASSOCHAM), economically weaker sections, EWS, EWS home loans, EWS housing section, Housing project for the EWS, Infrastructure, infrastructure status for affordable housing sector
