May 25 2017
There is good news for homebuyers eager to buy an affordable Realestate in India. The Union Minister of India stated on Tuesday that strong and affordable houses can be constructed by using steel. According to the Union Minister, such houses can be completed at a cost of only two lakh rupees under the Pradhan Mantri Awas Yojana (PMAY).
A Larger Role for Steel
The National Steel Policy envisions a greater use of steel in the country which will be preceded by more production of the metal within India. A steel production target of 300 million tonnes each year within thirteen years is part of the vision of the National Steel Policy. The larger amount of steel produced is also expected to be fully utilised within the country. If the housing sector begins to use the steel produced there will be a ready market for the greater volume of steel produced.
India’s Union Steel Minister expressed the views mentioned above to the media and provided a roadmap for his initiatives for the next three years while including the achievements of his ministry since he took power.
Steel and Affordable Housing in India
The Union Minister has stated that households are allocated 1.5 lakh rupees under the PMAY for a house on level terrain and 1.6 lakh under the same scheme for a house on hilly terrain. According to the Union Minister, the Ministry of Rural Development has a tie up with banks which could lead to additional funding of 70,000 rupees for new houses. Hence, according to the Union Minister for Steel, houses made of steel could be a viable and affordable housing option for rural households that do not have pakka housing.
As per the Union Minister, such houses could be extra strong and would also enhance the production and consumption of steel in the country. With the construction of houses made of steel in rural regions of India, infrastructure throughout the country would be altered in a positive way. Furthermore, such houses would be easy to construct and could be erected speedily. The minister went on to say that he had observed houses in the rural regions of India and had concluded that rural houses could indeed be built using steel.
According to a real estate site in India, the Steel Secretary is in agreement with the Union Minister for Steel and has stated publically that the Chhattisgarh government agrees with using steel to build houses in the state. The Steel Secretary has also stated that other states and bodies are also in the process of considering whether houses made of steel are viable in a rural setting.
It was revealed by the Union Minister that there will be an emphasis on using steel in as many infrastructure projects as possible. According to this property site, there is also an emphasis on raising the per capita of steel used in India and rural housing projects that use steel will help raise this metric.