Here's some good news
for those who have been dreaming to own a house in the Chandigarh,city.
The Housing and Urban
Development Corporation (HUDCO), a public sector company, is coming up with a ‘rent-to-own
scheme’ under which it will finance the construction of affordable housing
projects in major urban centres.
Paying
Rent for 20 Years..!
The allottees will be
paying rent for 20 years, which will be treated as EMI, after which the
ownership will be transferred to them.
HUDCO, which is under
the ministry of housing & urban poverty alleviation, will be doing this in
partnership with local urban bodies & state governments, who will be
providing the land for the project and undertake the implementation of the
project.
Reduce the
Cost & Construction time..!
According to a senior Hudco official, HUDCO
will be providing 90 % of the entire construction cost & the houses
constructed would be prefabricated to reduce the cost & construction time.
The pilot project
will be carried out in Mohali, near Chandigarh, for which Hudco has tied up
with the local municipal corporation and the Punjab government.
Mr. Vinod Joshi,
Chandigarh Chief, HUDCO said, “We will be financing the construction of about
15,000 flats with an investment of about Rs. 2,000 crore. The rents / EMI,
which will be revised with time, would be nominal & the allottee would be
able to own the house after 20 years of continuous payment of rent”
.
According to the
senior Hudco officials, the same model will be replicated in other major
cities, including the national capital region (NCR), and they are in advance
talks with the government of Haryana for the same project in Faridabad.
Shortage
1.8 Crore Homes..!
Now, there is a
shortage of 1.8 crore houses and 90.5 lakh of these are in the low-income group
(LIG) and economically weaker section (EWS).
“In phase one, the
project will be for LIG and EWS housing, after which we will target the MIG
(Middle - income group) shortage” the official added
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