Top official of the Housing and Urban Affairs recently announced that the Global Housing Technology Challenge will soon be launched to speed up the process of construction techniques for Affordable Housing. Typically it takes around three years for construction, but with the Global Housing Technology Challenge, the construction will take as less as three months.
The gambit is under the Pradhan Mantri Awas Yojana (PMAY) and is targeted at selecting the most cost-effective technology to speed up the construction process and meet the desired target of building 1.2 crore houses by 2022 which will probably bring about a fundamental change in the real estate sector addressing issues related to the housing shortage in the country.
Pivoting the need for emerging, cost effective and speedy construction of houses, the Ministry of Housing and Urban affairs has identified 25 cities here the working model for construction technologies to the states can be rolled out on a pilot basis. Government’s construction arm, National Buildings Construction Corporation had been tasked for the same.
Mr. Pradeep Aggarwal, Co founder & Chairman, Signature Global and Chairman, National Council on Affordable Housing, ASSOCHAMsays, “The PMAY was launched ensuring ‘Housing For All by 2022’ by providing financial assistance to the beneficiaries. But, the construction process for the same has been taking ample amount of time which is why the country is lacking behind in achieving its target. The Global Housing Technology Challenge is a great initiative by the government and it is being anticipated that it’ll speed up the process of ‘Housing For All by 2022’. Being in the market of Affordable Housing for quite a long time now, we welcome the government’s initiative to provide houses for all sections of the society.”