Asia

Aid for firms offering land for rental housing scheme

Representative image

NEW DELHI: Private and government entities with surplus land will get assistance of Rs 60,000 per house and Rs 20,000 per dormitory which will be built under the Affordable Rental Housing Complex (ARHC) scheme for migrant workers and urban poor for 25 years.
However, this assistance under the Technology Innovation Grant will come with conditions to ensure the tenants get rental accommodation at an affordable rate. The land owners cant charge the rent arbitrarily as this will be based on local surveys in the adjoining localities.
The formula for arriving at the monthly rental will be similar for houses that will be rented out by private concessionaires on behalf of the urban local bodies. Sources said the rental amount would increase by 8% every year.
“This is a landmark decision to ensure that migrant workers and poor get a decent place to live. The availability of such accommodation will increase since it will be a win-win proposition for all stakeholders,” joint secretary (housing) Amrit Abhijat said.
In the case of renting out of the government-funded houses under JNNURM and Rajiv Awas Yojna, the concessionaire offering the lowest negative premium will get the projects. Since houses are already built they wont get any financial assistance except in case where they find the project could be loss making. In such cases, the states aRead More – Source