By IANS,
New Delhi : The national capital will soon have a low-cost mass housing project for the middle class, Minister for Urban Development Jaipal Reddy said here Tuesday.
“The Delhi Development Authority will soon come up with exclusive low-cost apartments and residential complexes for the middle class,” the minister said at the Economic Editors’ conference here.
He, however, refused to give any timeframe.
“We are already in the process of identifying large plots in the city to cater to the increasing demand of the middle class,” Reddy said.
“This is high time private developers begin concentrating on low-cost housing. They must give up their ideas of fancy apartments. The slowdown in the realty sector has a silver lining also and they must convert it into an opportunity. Low-cost housing is a big business opportunity and there is still plenty of demand once the prices come down to realistic levels,” he said.
Reddy said he would request Finance Minister P. Chidambaram to give tax incentives to the developers going for low-cost housing for middle income segment. “It will certainly be a win-win situation for all,” he said.
The minister said the government is also mooting a bill to form a regulatory body for the realty sector. “But I cannot say when it is going to be introduced.”