Credai offers keys to cheap homes

Members of the Credai (Odisha) chapter in Bhubaneswar on Monday. Picture by Ashwinee Pati

Bhubaneswar, Sept. 16: A limited budget and the dream of owning a home may not be an oxymoron after all.

The Confederation of Real Estate Developers’ Association of India (Credai), Odisha chapter, is focusing on the low-cost housing sector after the state government’s emphasis on affordable homes.

To this end, during its annual property expo in November, Credai (Odisha) will have all its models focussing on affordable dwelling units within the range of Rs 5 lakh to Rs 15 lakh. The expo will be held at Janata Maidan between November 8 and 10. “A national survey has shown that more than 80 per cent of the people in our society has the paying capacity of below Rs 20 lakh for their housing needs. With the fund collection scam in the backdrop and a slowdown trend in the reality sector market after the rupee slide, we want to focus more on this sector,” said Binay Krishna Das, president, Credai (Odisha).

“We will have houses for economically weaker sections (EWS) that will cost around Rs 5 lakh, lower middle income group (lower-MIG) Rs 7 to 8 lakh and MIG Rs 15 lakh. However, the guidelines regarding the land availability, rebate in stamp duty on land and real estate are yet to be formulated by the state government,” said Nishith Ranjan Nanda, joint secretary of the association.

Credai national joint secretary Deba Sankar Tripathy said: “The greatest stumbling block in the real estate sector to go for affordable housing near the city is lack of available land for such projects.”

On the foundation day of the Bhubaneswar Development Authority on September 1, chief minister Naveen Patnaik laid the foundation stone for 5,438 houses in areas spread over Kalinga Nagar (K9), Subudhipur, Kalinga Nagar (K4), Shampur, Patrapada and Khurda. The houses will be for EWS, LIG and MIG.

“We are trying to add 5,000 affordable dwelling units immediately and within three years, will try to complete another 5,000. Every year, more such houses will be added to cater to the needs of people who need homes that cost between Rs 3.5 lakh and Rs 20 lakh,” housing and urban development minister Debiprasad Mishra had told The Telegraph on April 9.