Government is all set to launch a new rental housing policy in smart cities
The government is all set to launch a new rental housing policy in 100 smart cities. The policy has been in works for the last 3 years but is likely to see the light of the day soon. The first component of that plan may well be rolled out in the next fiscal year.
The rent voucher would be given by the tenant to the landowner, who in turn would redeem it at any citizen service bureau but in case the rent is more than the voucher then the tenant would bear the cost and pay the cash to the landowner.
It is basically a Rs 2700 crore welfare scheme of the government aimed at the urban poor in 100 smart cities. The scheme would involve the distribution of rent vouchers to migrant population and the urban poor by urban local bodies. These bodies would also determine value of the rent vouchers on the basis of class or size of the household, along with the rent prevalent in that city.
A senior official of housing and urban poverty alleviation ministry told ET, “The rental voucher scheme is being looked at as a means to complement the Prime Minister Housing for All scheme.” To make affordable housing a reality, the government is also looking to monetize the confiscated benami properties. In a bid to push this scheme, the ministry would prepare a Cabinet note.