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CREDAI to adopt new model for urban housing

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OST Bureau
Bhubaneswar, Oct 3:

The Confederation of Real Estate Developers’ Associations of India (CREDAI), Odisha chapter has decided to adopt model 4 of the revised urban housing scheme in the state.

Welcoming the scheme of the state government in a recent notification, CREDAI Odisha president Binay Krishna Das said it is a good scheme for the middle class people who can’t afford to buy their houses in high-end residential projects. “The local developers are ready to implement the policy”, he added.

Under the new model, builders voluntarily creating stock of affordable housing will get approval in a super-fast mode, besides incentives and relaxations.

The projects will get approval, including permission for land usage change and layout plan, within two months.

According to CREDAI general secretary Umesh Patnaik, the members of the Association are ready with a land bank of around 20 acres to develop the affordable housing projects in this model at Bhubaneswar with an overall price cap of Rs 15 lakh for each unit.