Union Minister Manohar Lal Proposes Dedicated Fund to Revive Stalled Housing Projects Approved Before RERA

Union Minister Manohar Lal suggested on Saturday that a special fund might be created to restart halted housing projects approved before RERA's implementation. This aligns with broader industry proposals aimed at achieving a beneficial resolution for both developers and homebuyers, according to a statement released on Saturday.

Representative image

The minister, speaking at the National Urban and Real Estate Development Conclave organised by NAREDCO, discussed the potential of establishing charitable institutions. These would focus on funding affordable housing for the LIG and EWS segments. He noted that funds could be raised through CSR contributions, as banking and financial institutions are not very active in supporting these sectors.

Focus on Affordable Housing

Manohar Lal highlighted that nearly 700-750 slum areas around the National Capital Territory (NCT) are set for development by the government. A policy framework is being considered by various stakeholders within different government authorities at a high level to address this issue.

NAREDCO chairman Niranjan Hiranandani commented on the government's efforts to prioritise housing within India's economy. He emphasised that more work is needed to increase the housing sector's contribution to 15 per cent by 2047.

CSR Contributions and Policy Framework

The minister elaborated on the idea of using CSR contributions to fund charitable institutions aimed at supporting poorer sections of society. This approach is seen as necessary due to the limited involvement of banking and financial institutions in these areas.

Efforts are underway to develop a policy framework for slum redevelopment around NCT. This involves discussions among various government authorities to ensure effective implementation.

The government's commitment to enhancing the housing sector is evident through its initiatives and proposed policies. However, achieving significant growth in this sector requires continued efforts and collaboration among all stakeholders involved.

With inputs from PTI