By Accommodation Times News Service
The House and Urban Development Corporation (Hudco) has some good news for those who have been dreaming a home in the city. The new scheme is ‘’rent-to-own-scheme’’ under which it will finance the construction of affordable housing projects in major urban centres. The allottees will be paying rent for 20 years, which the ownership will be transferred to them. Hudco a public sector company and which is under the ministry of housing and urban poverty alleviation will be doing this in partnership with local urban bodies and state governments, providing the land for the project and undertake the implementation of the project.
One of the official said, we will be providing 90% of the entire construction cost and the houses constructed would be pre- fabricated to reduce the cost and construction time. Chandigarh chief, Hudco said, we will be financing the construction of 15,000 flats with an investment of around Rs 2,000 crore. The rents which will be revised with time would be nominated and allottee would be able to own the house after 20 years of continuo’s payment of rent.
According to senior Hudco officials the some of the model will be replicated in other major cities , including the national capital region and they are in advance talks with the government of Haryana for the same project in Faridabad
At present there a shortage of 18 million houses and 905 of these in the low income and weaker section sections. In phase one the project will be for LIG and EWS and after MIG will be targeted. .