Business Today

A House For Every Indian

Affordable housing is picking up pace, thanks to proactive policies and savvy investors/developers. But sustaining the momentum is a tall order.

Solapur, in south west Maharashtra, is dotted with sugar factories and beedi/textile units. This small town, where thousands of labourers live in slums and makeshift shelters, hit headlines last year when the central government approved a massive affordable housing project for beedi/textile workers and other unorganised labourers. The initiative, for building 30,000 houses under the Pradhan Mantri Awas Yojana (Urban), is arguably the first such project on private land. Being undertaken by Raynagar Cooperative Housing Federation along with Pandhe Infracon, a local realtor, it is likely to cost over Rs1,800 crore, and has been eliciting overwhelming response from buyers. "We have got around 38,000 applications so far," says Ankur Pandhe, Managing Director, Pandhe Infracon. A typical house here measures about 375 sq. ft and is priced at Rs5 lakh. The project has open spaces as well as land earmarked for community services, schools, hospitals and other social infrastructure. Both state government and municipal corporation are working overtime to provide amenities such as electricity and water.

This is one of the few success stories of what has been a mostly government led drive but also involving

You’re reading a preview, subscribe to read more.

More from Business Today

Business Today3 min read
“Core Of Insurance Lies In Long-term Security”
WITH A WEALTH of experience and a visionary approach, Vibha Padalkar, MD & CEO of HDFC Life, has been instrumental in shaping the insurer’s success amid an evolving market landscape. In an interaction with Business Today, she talks about strategic in
Business Today1 min read
Low Burden
A combined approach of individual and HUF income can help a married couple enjoy more tax benefits Gifts received from spouse are tax-free up to ₹50,000 A taxpayer can reduce tax liability or avoid clubbing income by loaning to their spouse at a cert
Business Today3 min read
Road Warrior
IN THE HEART of Khalid Wani, who is the Senior Director of Sales for the India region at the American storage drive maker, Western Digital, beats the rhythm of a fervent traveller. He’s a man who believes passionately that the most precious memories

Related