Centre may create dedicated fund to revive stalled pre-RERA housing projects

Union minister Manohar Lal Khattar on Saturday signalled that the government is considering the creation of a dedicated fund to revive stalled housing projects that were approved before the Real Estate (Regulation and Development) Act (RERA) came into force.The proposal, in line with suggestions from the real estate industry, aims to ensure a “win-win settlement” for both developers and homebuyers, according to a statement.The minister was speaking on the second day of the ‘National Urban and Real Estate Development Conclave’ organised by NAREDCO.During his address, he discussed the idea of setting up charitable institutions to support affordable housing, particularly in the Low-Income Group (LIG) and Economically Weaker Sections (EWS) categories.As per news agency PTI, the minister said funds for such initiatives could be mobilised through Corporate Social Responsibility (CSR) contributions. He noted that banking and financial institutions have not been very proactive in extending support to these sections of society, making alternative funding channels necessary.The statement issued by NAREDCO also said the minister indicated that around 700 to 750 slum settlements in and around the National Capital Territory (NCT) could be taken up for development.According to PTI, a policy framework for this large-scale redevelopment is currently under discussion at a high level among various government authorities and stakeholders.On the same occasion, NAREDCO chairman Niranjan Hiranandani said that while the government has made significant efforts to prioritise housing in the Indian economy, more needs to be done.He said the sector’s contribution should rise to 15 per cent of the economy by 2047.