Govt approves affordable rental housing complexes for urban migrants; Pvt developers can participate in construction
New Delhi: Government has approved a proposal for development of Affordable Rental Housing Complexes (AHRCs) for urban migrants and the poor people under which the vacant government funded residential complexes will be converted in ARHCs.
The conversion of such complexes into ARHCs will be done through concession agreements for 25 years. Government will give various incentives like use-permission and 50 percent additional FAR or FSI in these ARHCs.
Government is expecting an expenditure of Rs 600 crore as Technology Innovation Grant. This will be released for ARHCs using innovative technologies for carrying out construction. About 3 lakh people will be covered under ARHCs in the first phase.
The government will also provide concessional loan at priority sector lending rate and even tax reliefs that will be equal to what is available in affordable housing industry.
Private or state-run companies will be allowed to develop the ARHCs. States will choose the right developer by way of bidding process. The ARHCs will go back to ULB after completion of 25 years to restart next the cycle of 25 years like earlier or run on their own.
The selected developer will make the complexes livable by conducting repair work and providing sewer, water, sanitation facilities, road etc, the government said in a statement.
ARHCs is a sub-scheme under Pradhan MantriAwasYojana (Urban).