Addressing an event organised here by the ministry of Housing and Urban Affairs, on the occasion of World Habitat Day, the Union Minister of State (MoS) Hardeep Singh Puri articulated his expectation that the real estate would soon bounce back from the state of slump because of measures taken by the government. Bringing real estate under a regulatory framework would do a lot good.
"The real estate sector has run into some problems for various reasons, but I have reasons to believe that this sector will soon bounce back," said Puri. "The government has brought real estate under a regulatory framework in the interest of the sector," he added.
He said the present government has taken several steps to give a boost to the housing sector and in particular to affordable housing so that we are able to meet the housing needs of the people.
"The government is committed to ensuring a decent living habitat for all in urban areas and in particular for the poor and has taken various initiatives in this regard," he said, adding that new urban missions launched during the last three years constituted an "integrated urban habitat model".
The minister said the new urban missions launched by the government, like the Pradhan Mantri Awas Yojana (Urban), were at the core of ensuring affordable homes to the poor and the needy while other missions, like the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), aimed at enabling the much needed basic infrastructure for a decent habitat.
Under PMAY (Urban), the ministry had so far approved construction of 28,57,321 affordable homes for economically weaker sections, low and middle income groups with an investment of Rs 1,54,180 cr. Central assistance of Rs 44,278 cr had been approved for these houses, Puri said.