Sanjay Kulshrestha, Chairman of Housing & Urban Development Corporation (HUDCO), expressed optimism about financing private real estate corporates in the post-COVID era. While HUDCO currently focuses on government and government-owned utilities, the growing resurgence in the real estate sector post-COVID may lead the corporation to consider private sector financing from the next year.
Addressing NAREDCO’s 16th National Convention, Kulshrestha highlighted the sector’s special preferences and treatment in the budget, especially in 2023-24, as a potential reason for venturing into private sector financing.
He mentioned consultations with authorities to explore opportunities in the housing and affordable housing sector.
The Joint Secretary of Housing and Urban Affairs emphasized the significance of rental housing and affordable rental housing, urging NAREDCO to examine it as a case study. He suggested that EMI payments for affordable housing should ideally be around 30 percent of the unit seeker’s earnings.
NAREDCO President, G Hari Babu, pledged support to the Ministry of Housing and Urban Affairs, emphasizing a collaborative approach for achieving the government’s commitments, especially the goal of Housing for All.
The two-day convention concluded with the signing of Memoranda of Association to work towards the housing sector’s objectives.
Also read: Persistent Challenges for Real Estate Regulators in India