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National Housing Bank to set up 2 million low-cost houses

The ministry of urban development and poverty alleviation along with the National Housing bank (NHB) is planning to set up at least 2 million low-cost houses in the next few months in metros and other urban areas.

Apnaloan.com Research Bureau

10 Aug 2007

The ministry of urban development and poverty alleviation along with the National Housing bank (NHB) is planning to set up at least 2 million low-cost houses in the next few months in metros and other urban areas.

According to media reports NHB is in talks with banks and other housing finance companies.

These houses would be targeted at the economically weaker section and the lower income group. There might also be an attempt by the NHB at direct lending to consumers belonging to these categories. The market size for low-cost housing is estimated to touch Rs. 100,000 crore marks within the first few years of the scheme's operation. The immediate demand is estimated to be around Rs. 25,000 crore.

The project could be part of the Jawaharlal Nehru National Urban Renewal Mission, aimed at improving urban infrastructure, which includes housing belonging to the economically weaker section.

The banking industry has also shown a keen interest to fund the project with housing loans disbursal declining by about 15-20% in the first three months of the current financial year.

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