Jaipal Reddy for further concessions to housing sector

Jaipal Reddy for further concessions to housing sector
The Hindu Business Line, May 30, 2009, Page 10

Rajeev Bhatt

The Minister for Urban Development, Mr Jaipal Reddy, and the Minister of State, Mr Saugata Ray, in New Delhi on Friday. —

Our Bureau, New Delhi

The Urban Development Minister, Mr Jaipal Reddy, on Friday said he will approach Prime Minister and Finance Minister for further concessions for the housing sector. The Minister, who retains his old portfolio, also asked the private builders to reset priorities and “concentrate on middle-income housing”.

“The Government has already announced various concessions in interest rates on housing loans. I will ask PM and FM for more concessions for the housing sector. There are lots of possibilities,” the Minister told newspersons after taking charge.

World Bank loan

He said that the Ministry is also talking to World Bank to obtain a loan for various Urban Development schemes.

“We are negotiating for a $3-billion loan but it is in initial stages. This will be for urban development schemes such as drinking water, sanitation, sold waste management among others,” he said.

Commonwealth project

The Minister today also sought to assure that Commonwealth Games project would be completed on schedule. “The Cabinet has sanctioned the revised project. All the money required for commonwealth project has been sanctioned. So money will not be a problem,” he said.

The Minister said that in the last three years, the Ministry of Urban Development had sanctioned schemes worth Rs 93,000 crore under the JNNURM scheme. He also referred to the second stimulus package under which the Ministry sanctioned 15,000 low-floor, AC and semi-luxuries buses for 56 cities which will be made available in the current calendar year.

Mr Saugata Roy also assumed his charge as the Minister of State for Urban Development.