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To achieve Modi Government’s flagship programme ‘housing for all by 2022’, a range of financial models are being looked at, Urban Development, Housing & Urban Poverty Alleviation Minister, M. Venkaiah Naidu, said on Thursday.
Escrow account
Addressing the Conclave of Ministers of Housing and Urban Development of States and Union Territories here, he said that to meet the housing shortage of 300 lakh houses in urban areas by 2022, various options, including a new idea of having the Escrow account by which revenues generated by enhanced housing activity can be invested back in the same sector, are being examined.
This would mean channelising tax revenues generated through enhanced economic activity on account of massive housing scheme back into housing through an Escrow account.
Interest subvention to home buyer and public private partnership models are also being discussed, he added.
“Tax on cement, steel, service charges and other charges, are being collected in the current system. If you go for enhanced housing, the charges that you collect can be put in an Escrow account, which will accrue to the State. For this idea, I need to take the Finance Minister into confidence,” Naidu said.
The minister said that the Real Estate Regulation Bill is also under consideration now and real estate developers have demanded an automated (online) single window approval system.
25-point charter
Urban governance is a challenge, he said and suggested a 25-point charter for urban planning and management. This includes making towns and cities slum-free, GIS-based regional urban planning, satellite-based mapping for cities, exploiting the economic potential of cities with respect to tourism, health, education, business etc, besides solid waste management, promoting cycling through dedicated cycling tracks etc.
“Making Govt officers accountable for mishaps such as building collapses needs to be done,” Naidu said. “I strongly feel that how we can incorporate in law that people like the building inspector, the local town planner, the area incharge, should be made responsible and accountable if something happens in their tenure.”
Smart cities
On 100 smart cities scheme, he said, “Construction of cities takes 20-30 years. We should work on how to make present cities smart. We have also met delegations from Singapore and Japan who are keen to work with us for this.”
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