Union Minister Unveils Major Affordable Housing Initiatives at NAREDCO Conclave
Union Housing and Urban Affairs Minister Manohar Lal Khattar announced a series of significant measures aimed at boosting affordable housing access across India during his address at the NAREDCO Conclave 2026 on Saturday. The comprehensive proposals target critical pain points in the real estate sector, including funding gaps for low-income groups and stalled housing projects.
Charitable Institutions to Channel CSR Funds for Housing
Addressing a persistent challenge in the affordable housing ecosystem, Minister Khattar highlighted how traditional banks often hesitate to finance projects targeting lower-income segments. To bridge this financing gap, he proposed the establishment of dedicated charitable institutions that would aggregate Corporate Social Responsibility (CSR) funds from various companies.
These institutions would specifically assist families in the Lower Income Group (LIG) and Economically Weaker Sections (EWS) who face difficulties securing conventional home loans. This innovative approach aims to create a sustainable funding mechanism that doesn't rely solely on traditional banking channels.
Special Fund for Stalled Pre-RERA Projects
In a move that could bring relief to thousands of homebuyers and developers, Khattar expressed openness to creating a dedicated fund specifically for stalled housing projects that were initiated before the implementation of the Real Estate (Regulation and Development) Act (RERA).
This initiative would facilitate favorable settlements between builders and buyers who have been waiting for years for project completion. The National Real Estate Development Council (NAREDCO) has reportedly suggested expanding the existing SWAMIH (Special Window for Affordable and Mid-Income Housing) fund to better support such troubled developments.
Ambitious Slum Redevelopment Program
The minister revealed plans for developing approximately 700-750 slum settlements around the National Capital Territory (NCT) region. This ambitious redevelopment program represents one of the largest urban renewal initiatives announced in recent years and aims to transform informal settlements into proper housing communities with improved amenities and infrastructure.
Innovative Land Utilization Strategies
On the crucial issue of land availability for affordable housing, Khattar explained that while the government cannot directly provide cheaper land, alternative approaches like cross-subsidization could be explored if all stakeholders reach consensus. Joint Secretary Kuldip Narayan suggested a particularly innovative solution: utilizing vacant buildings in city centers that could be identified through digital tools like Google Maps for conversion into housing projects.
Sector Leaders Call for Accelerated Action
NAREDCO Chairman Niranjan Hiranandani acknowledged the government's continued prioritization of housing but emphasized the need for more decisive action to boost the sector's contribution to India's development goals by 2047. He specifically advocated for expedited policy decisions on rental housing projects, drawing inspiration from successful international models that help those unable to purchase homes outright.
The conclave also featured the release of a comprehensive knowledge report prepared by KPMG in collaboration with NAREDCO, outlining a detailed roadmap for real estate sector development under the broader "Viksit Bharat" vision. The report provides strategic recommendations for sustainable growth and improved housing accessibility across different income segments.
These announcements come at a critical juncture for India's urban development landscape, where affordable housing remains a pressing concern for millions of urban residents. The proposed measures, if implemented effectively, could significantly improve housing accessibility while addressing systemic challenges in project financing and completion.
