Secretary, Housing on new Affordable Rental Housing Opportunities for Real Estate | Durga Shankar Mishra | PHD Chamber of Commerce & Industry | Surfaces Reporter

Talking about the Affordable Rental Housing Complex, Shri Durga Shankar Mishra, Secretary, Ministry of Housing and Urban Affairs mentioned that it has been taken into account for the first time in India and, a strong set of laws are needed so that the rights of owners and tenants are balanced. SURFACES REPORTER (SR) noted that Shri Mishra is quite optimistic. He believes, with the help of government and industry, it will be possible to implement this for the betterment of the nation. Affordable Rental Housing Complex will create a new market and, ease the lives of labourers, thus a step towards making India Self-Reliant.

 

As per Census 2011, 1.1 Crore houses are empty while the shortage for houses is also about a crore. It is like, one side there if flood while on the other side, its famine. How to connect both the sides, he questioned, during the session organized by PHD Chamber of Commerce and Industry on 'Housing for All 2022'.

Connecting the two sides have two major challenges - one, the current rent laws are so tough that when a place is given for rent, it is difficult to get the place back in case of disputes. It is extremely important to rectify the rent law in such a way that rights of tenant and owner are balanced. The dispute resolution system must become simple, he stressed. At the same time, he assured that the work is under process and the ministry is trying to legislate it soon, both in the rural and urban areas.

“This would be agreement based. The agreement should be sacrosanct. The older version has been simplified and we are expecting a lot of positive changes in the system,” he shared.

The houses which are vacant can be used for rental opportunity after simplification of Rent Law, providing equal rights to both the parties and opening opportunities to earn from the vacant properties.

“Affordable Rental Housing Complex will create a New Market in the Economy, Ease the Lives of Labourers & succeed in building a Self-Reliant India”

Affordable Rental Housing Complexes

Shri Durga Shankar Mishra also shared the concept of Affordable Rental Housing. Even if space is available, one is not able to rent it out. In other countries, complexes are created to accommodate workers around factories or mass working areas. In India, it does not happen that way so we see mushrooming of slums around factories. After all, people need places to stay near their workplaces.

Shri Mishra shared that the Government is opening up to the opportunities of Affordable Rental Housing Development. It is believed to create a new market and opportunity for India and would be great for the economy. This will help in formalising the informal sector. Ministry of Housing & Urban Affairs is working with the states to implement the same. He further shared that all the facilities related to affordable housing will be applicable to affordable rental housing complexes too.

Other speakers at the session were Manoj Gaur, MD, Gaur Group; V R Sharma, MD, Jindal Steel; CA Himanshu Goyal, Ramanand Goyal & Co; Dr. D.K Aggarwal, President, PHD Chamber; Manish Agarwal, Chairman, Housing and Urban Development Committee, PHD Chamber and Dr. Yogesh Srivastav, Principal Director, PHD Chamber.

 

Mr. Manoj Gaur, Managing Director, Gaur Group lauded the proactive initiatives undertaken by the Ministry of Housing and Urban Affairs in achieving the mission of Housing for All. He said that rental housing will be the next game-changer in this sector that will also lead to the development of the economy and a step towards Self-Reliant India.

He further mentioned that it is the need of the hour to streamline the allotment process of the houses under Pradhan Mantri Awas Yojana and the need for finances in the land and infrastructure.

Mr. V R Sharma, Managing Director, Jindal Steel, and Power Ltd while talking on the subject deliberated on the emerging technologies under affordable Housing Segment.

CA Himanshu Goyal, Managing Partner, Ramanand Goyal & Co delivered a formal vote of thanks to Shri Durga Shankar Mishra and other delegates. He recommended that industry bodies like PHD Chamber should take initiatives and Submit white papers to the government from time to time..

Dr. D.K Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential address deliberated on our Hon'ble Prime Minister, Shri Narendra Modi's vision of ‘Housing for All by 2022' and was assured that with the proactive steps undertaken by the government are in the right direction and will go a long way to fulfil the dream of each citizen to own a house in the near future.

He lauded the various other initiatives undertaken by the government in the housing sector that has increased the demand and reduced the buying cost among the masses. He discussed the slowdown in the housing sector due to reduced demand and supply caused by the pandemic the wave which has struck all sectors of the economy significantly.

Dr. Aggarwal while talking about the effect of COVID-19 on the real estate sector, shared his recommendations that we need to extend the moratorium to one year; ease in the availability of loans by increasing the SWAMIH Investment Fund and take initiatives to bring back migrant labourers.

Mr. Manish Agarwal, Chairman Housing and Urban Development Committee, PHD Chamber Highlighted  the need to increase demand for the developers by taking initiatives like reducing stamp duty and others that will help the industry to increase the cash flow for the developers which will, in turn, supplement the other associated industries.

Talking about Housing for All, he appreciated the success of the government for making efforts so that they can accomplish this mission. He further suggested that the government should have a Pan-India database for the buyers to help developers understand the buyer’s preferences. He also emphasized on the single window clearance and reduction of GST on the raw material of the buildings.

"The government should have a Pan-India database for the buyers to help developers understand the buyer’s preferences. He also emphasized on the single window clearance and reduction of GST on the raw material of the buildings."

The session was moderated by Dr. Yogesh Srivastav, Principal Director, PHD Chamber, and was attended by many senior member and industry stalwarts' pan-India. The session was supported by Jindal Steel and Power Ltd and Gaur Group.

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