"Real estate sector also has to work with out of box ideas to make a mark in affordable housing segment. This sector also has huge demand and opportunities," Urban Development and Housing and Poverty Alleviation Minister Venkaiah Naidu said.
He was speaking at a real estate conference organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).
"Recommendation pertaining to allowing insurance and pension funds to invest in real estate sector will also be taken up in due course," Naidu said.
Naidu said providing housing for all is a big challenge and the government needs public and private participation to meet the target. He also assured the industry that his ministry wants that affordable housing should be included in the priority sector lending by banks.
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"We are pursuing with Finance Ministry regarding providing a sub-window of at least three per cent for affordable housing sector within 40 per cent priority sector lending allocation," the Minister said.
He further said the need for 'single window clearance' is also being explored. "We are discussing how far it is possible with other ministries and state governments and also to give infrastructure status to housing sector," Naidu said.
"As far as environment clearance is concerned, which is one of the reasons for long delays, I had discussion with the Environment Ministry and we hope to find some solution to this.
"Once the Urban Development authority's plan has been approved then there should not be any need for individuals to go for clearance for each and every project. We are considering the suggestion positively," Naidu said.