The government of India is going all out to providing housing for all Indians by the year 2022. RBI has already slashed its rates which have made home loans comparatively cheaper while there are talks of extending interest rate subsidies or waiver to the people who belong to the LIG or EWS category. The way things are moving in the right direction, the dream and goal are looking more and more achievable by the minute.
In another move which can put the affordable housing boom on fast track, the all important IFC is gung ho about investing in affordable housing in the country. An elite member of the World Bank group, IFC has entered an arrangement and signed on the dotted line Tata Value Homes to finance residential realty spaces across our great nation which can in turn be bought by people hailing from a low income background. The estimated value of the pact is stated to be roughly around a whopping $25 million or 160 crores rupees.
Tata Value Homes is a wholly owned subsidiary of Tata Housing and will be recipient to gigantic amounts of long term capital during the next decade or so which will enable it to build over 16800 affordable homes all across the nation. This is rightly being hailed as just the commencement of a long term relationship between the two mammoth’s which will change the landscape of India’s realty arena forever and ever.
Tata Value Homes aim to extend state of the art homes to young professionals and people belonging to LIG category who cannot afford a home in urban regions. The vision and mission of IFC and Tata Value Homes is quite similar and that’s why the tie up has been strategically entered into. Together the two are aiming to form a coalition which will usher affordable housing into a new era not only in India but various other developing nations as well. The money will be spent only on new projects undertaken by Tata and not the old ones.
Population residing in urban areas is increasing by the minute. People are flocking towards cities from rural regions in search of way better medical, employment and residential prospects. Thus the need for homes which one can buy without making a humungous dent in ones pocket, has reached alarming levels. The approximate shortage of affordable homes in India is about 19 million. Therefore initiatives like these will go a long way in bridging this massive gap. Tata already has several pan India projects which cost less than 30 Lakh and this partnership with IFC will go a long way in establishing it as the numero uno player in the affordable housing space.
A plethora of initiatives like these which are already underway are all set to change India for the way better. So India is well on its way up and the people of India will rise above mediocrity along with it.