“Housing for All by 2022” is a part of a three mega urban schemes launched by Prime Minister of India Mr. Narendra Modi. Housing For All 2022 Mission envisioned to build 20 million homes for the urban poor by the time Indian completes its 75 years of independence in 2022. The scheme will be implemented as a centrally sponsored scheme and the States and Union Territories are given greater autonomy in execution of the mission.
“Housing for All by 2022” has four components:
– Slum Re-Habitation with involvement of private developers using land as a resource;
– Affordable houses for urban destitute and homeless
– Affordable housing in partnership with Public & Private sectors and
– Subsidy for beneficiary-led individual house construction or enhancement.
– The vision to provide home to everyone, the central government will provide a grant of Rs. 1 lakh to Rs. 2.5 lakh for every home under the slum rehabilitation program.
– Under the Subsidized Credit Policy, the EWS (Economically weaker section) and LIG (Low income group) categories can subsidized credit with a modest interest of 6.5 per cent up to a duration of 15 years.This can be a great money saver for the under privileged sections of the society.
– People from Economically Weaker Section (EWS), women, SC/ST would be the main beneficiaries of this project.
General Highlights of the Mission :
– Housing For All scheme will be implemented in three phases and will cover urban regions consisting of over 4000 statutory towns with main focus on 500 Class I cities.
– Phase-1 cover 100 cities to be selected from states/UTs as per their willingness from April 2015 to March 2017, Phase-II cover additional 200 Cities from April 2017 to March 2019 and Phase-III cover all other remaining Cities from April 2019 to March 2022.
– It is estimated that while the central government may be providing funds to the tune of Rs 2-3 lakh crore rupees, the scheme may pull an investment in the range of Rs 12-13 lakh crore.
– As per the scheme, the houses would be allotted in the name of the female head of the family or in the joint name of the male head and his wife.
Major Challenges of “Housing for All 2022” Mission
Current state of housing in India
India’s housing need by 2022
|Currently there is a shortage of about six crore units||India needs to develop about 11 crore residential units by 2022|
|The annual investments in the housing sector is about USD110 to 120 billion.||Investments of more than USD2 trillion or about USD250 to 260 billion annual investment until 2022|
|Average growth of 5-6 % in the annual real estate sector investments between FY08 and FY14||Investments will need to grow at a CAGR of 12-13% in 2022|
|Prioritised rural growth resulting in uneven distribution of housing development||Till 2022, 70% of the housing needs should be concentrated in nine states|
|Both the central and state governments are spending about USD5 to 6 billion annually , which is only 3% of the current investments in the real estate sector, or 1% of its annual expenditure.||To fulfill urban housing need by 2022, about 1.7 to 2.0 lakh hectare of land is expected to be required.|