Ministry of Housing and Urban Poverty Alleviation along with other ministries will set up a system through which affordable housing projects are cleared at a faster pace.
- The govt. is battling a housing deficit of 18.78 million units, of which economically weaker population requires 95% of housing units.
- The Centre is urging states to reduce stamp duties, registration and conversion fee.
- This will help in quickly filling the housing stock for the poor and low-income people across 989 cities.
The main hurdles in filling the housing stock are :
- Shortage of land in urban areas
- Stringent land use regulations
- Inadequate infrastructure to support more housing neighbourhoods
- Rising costs of construction material
- Insufficient financing
- Restricted mortgage financing
- Rent control laws