Real estate developers will be required to reserve 35% of houses for economically weaker sections (EWS) or 15% of the Floor Area Ration (FAR), whichever is higher, under the Rajiv Awas Yojana, Union minister of housing and urban poverty alleviation Ajay Maken said in Mumbai. The government has proposed an expenditure of R40,000 crore under the scheme, he added.
The minister said loans will be available for EWS from banks without a collateral, according to a statement sent by 14th World Innovation Summit and Expo on Power 2012.
Maken said that a credit risk guarantee fund has been set up for low-income housing and all the states would have to implement these norms in all urban cities.
Sharing some statistics on urbanisation in India, Maken said the urban population has risen to 31% from 27% in the last 6-7 years, while the total number of towns also surged to 7,800 from 5,100. On a regulatory authority for the housing sector, he said the Bill may be tabled during the winter session of Parliament.
