Kerala to have housing policy by year end, says Minister

Kerala to unveil housing policy to address AH challenges; KOCHI to get largest exhibition centre; PPP, access to finance for EWS/LIG borrowers sought. #Kerala to unveil housing policy to address AH challenges. #KOCHI to get largest exhibition centre. #PPP, access to finance for EWS/LIG borrowers sought. #KeralaHousingBoard to collaborate with NBCC to construct 40-lakh sq ft complex. #Kalavara scheme extended to districts.

Kerala’s housing policy would be unveiled later this year, taking into consideration the State’s unique land availability constraints and climatic conditions, Revenue Minister K. Rajan said here on Friday.

Emphasizing the urgency to address challenges to affordable housing (AH) in Kerala, he announced the imminent inauguration of the first building that was constructed using cutting-edge 3D technology - a significant milestone in Kerala’s affordable housing sector. The adoption of innovative technology and alternative construction methods is essential to make affordable housing a reality in Kerala, he said, after inaugurating an Affordable Housing Conference organised here by FICCI in association with India Mortgage Guarantee Corporation (IMGC) and CREDAI Kerala.

Mr. Rajan added that a 40-lakh square feet complex will be constructed on a 17.9-acre land owned by Kerala Housing Board near the Marine Drive here, in collaboration with NBCC. This will house the country’s largest exhibition centre and commercial complex. This will be in addition to a National Housing Park that would feature 40 different models, including foreign ones, which would be established in Thiruvananthapuram, he said and confirmed the extension of Kalavara scheme to districts to popularise affordable housing.

Speaking on the sidelines of the event, Chairman of Kerala Housing Board P.P. Suneer told mediapersons that work on the exhibition centre would begin in December. Care would be taken to ensure scientific waste management and in sourcing solar energy. “It is estimated to cost ₹2,200 crore.”

Stakeholders from the housing sector sought a comprehensive policy to address challenges to affordable housing, especially in Kerala. In his keynote address, IMGC’s Chief Distribution Officer Amit Diwan highlighted the surge in urbanisation and the resultant unprecedented demand for affordable housing. The Co-Chairman of FICCI’s Kerala State Council V.P. Nandakumar stressed the importance of public-private partnership, to address income-related housing issues, while Chairman of K-RERA, P.H Kurian underscored the need to address the housing requirements of Kerala’s middle-class population.

Speakers at the event demanded that the government help enable access to finance for economically weaker sections (EWS) and lower-income group (LIG) borrowers. They further sought incentives to lenders and borrowers to promote affordable housing. There was also a panel discussion on funding opportunities and challenges for builders. The other speakers included the general convener of Credai Kerala S.N. Raghuchandran Nair, MD and CEO of South Indian Bank Murali Ramakrishnan, senior vice president of Federal Bank R. Ratheesh, CEO of Muthoot Housing Finance Pawan K. Gupta, SBI’s general manager Seshu Babu, Life Mission Deputy CEO Anwar Hussain, Director of Nirmithi Kendra Feby Varghese and CGM of Kerala Bank A.R Rajesh.