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NHB targets to finance 15 million housing units by 2010

Written by: Staff
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Kolkata, Jun 29 (UNI) National Housing Bank (NHB), a 100 per cent subsidiary of RBI, will pump in Rs 75,000 crores as institutional finance during the next three years for construction of 15 million dwelling houses in the country.

Speaking to newsmen here today on the sidelines of FICCI sponsored Banking Conclave NHB Chairman and Managing Director S Sridhar said, however, despite this effort only about 30 per cent of India's total demand for housing could be met since the total demand for individual housing in the country during the same period (2010) would be around 80 million.

Stressing the need for a consolidated financial inclusion in housing, Mr Sridhar said this would go a long way towards fulfilling the national policy of housing for all by 2020.

Outlininig the focussed areas of NHP as India's prime institutional lending organisation for housing purposes Mr Sridhar, however, made it clear that at least 60 per cent of their total investment was envisaged for rural and social housing.

Since the social housing, urban renewal and market development were the three basic pillers of NHB, it also envisaged a number of customised products designed to the needs of different market segments by adopting partnership approach.

NHB will also initiate measures towards introducing risk management in the market, Mr Sridhar said adding that in association with with some selected banks they were planning to introduce also a number of new schemes like productive housing in rural areas, micro credit for small farmers and insurance linked housing products.

"We have also applied to the RBI requesting them to give us necessary permission for launching a unique reverse mortgaged scheme for senior citizens in association with some major and reputed housing groups," the NHB CMD said.

He also underscored the need for much greater public-private partnership in the housing sector in developing low cost housing complexes for the lower and middle income groups. With rapid urbanisation in India during the past few years, the demand for housing in cities as well as smaller towns had gone up tremendously opening a new vista for the sector to thrive.

At the same time Mr Sridhar cautioned the government about the mushrooming of a number of fly by night operators who, according to him was taking full advantage of the innocence of general public constructing below standard housing and selling them at astronomical prices.

Asked about his plan for mobilisation of additional resources for future investment in housing, Mr Sridhar said in order to fulfill the desired goal NHB would develop the secondary mortgage market, create appropriate institutional framework and take useful credit enhancement measures like guarantee support schemes.

Accordingly, during the current fiscal itself we have targetted to disburse to the tune of Rs 8,000 crores, the NHB CMD informed replying to a query.

Earlier in his welcome address after holding a meeting with industry members, FICCI Eastern Regional Council President and noted industrialist C K Dhanuka highlighted some of the problems being faced by some promoters and sought greater cooperation from NHB in mitigating the problems, mainly the shrotage of liquidity.

UNI ABA TJP RN1653

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