In its failing quest to inject a major booster to the real estate sector, the government is all set to launch an interest subvention scheme for the benefit of home buyers. The scheme, which has been aimed at meeting part of the buyer's home loan burden, will benefit home buyers in the middle and lower income groups besides those belonging to the economically weaker section (EWS) category, Union urban development minister recently said, claiming that among other things, the scheme will give fillip to affordable and low-cost housing segments across the country as currently there is a shortage of 18.78 million housing units in the country, of which 90% are in the EWS and LIG categories.
As a matter of fact, the real estate regulation and development bill is in the final stages of consultation and is being sent to the Cabinet soon after which it will be implemented in its true spirit. In this connection the ministry has taken the views of various stakeholders, including those engaged in real estate sector. The minister also assured developers that the bill, which seeks to protect home buyers from harassment by developers, will only regulate the industry and not strangulate it.