Government Clears 60,000 homes Under Affordable Rental Housing Scheme

As a part of the Affordable Rental Housing Scheme, as many as 60,000 homes have already been cleared. Besides, 500 rental housing units under the affordable category are now operational in cities like Ahmedabad, Surat, and Chandigarh. Another 7,000 homes under this category are in different stages of the construction process. In this regard, it should be noted that the government has sanctioned 60K homes recently under the affordable housing category. These homes will be constructed by private or public agencies, or certain organizations that are under the ARHC (Affordable Rental Housing Complexes) scheme.

It should also be noted that Assam has emerged as the first state in India that adopted the Model Tenancy Act. Plans are on the way to deploy it soon. In this context, it is noteworthy that the rental housing market is estimated to be worth INR 3 lakh crore. In the past, the housing schemes largely focused on ownership. However, trends of housing are changing and the present industry largely prioritizes rental homes. The scheme will further bolster the ambitious vision of the Prime Minister, called ‘AatmaNirbhar Bharat’. In this scheme, the idea is to come up with a sustainable ecosystem consisting of affordable rental homes for poor and urban migrants in the cities. ARHCs aims to provide poor and urban migrants with affordable and dignified rental homes with all the necessary amenities and features close to their place of work.

On 8th July, the Union Cabinet had given the approval for the ARHCs (Affordable Rental Housing Complexes) scheme for urban migrants who are working in the service sector, industries, or the manufacturing sector. They would get the opportunity to reside close to their workplace in the non-formal urban sectors and the industrial sector.

This is a healthy development for the real estate sector. The industry continues to grow, thanks to the positive measures taken by the government authorities on a proactive basis.