Union Minister Manohar Lal has indicated that a dedicated fund could be set up to revive stalled housing projects approved prior to the implementation of RERA, in line with broader industry suggestions to ensure a win-win settlement for both promoters and homebuyers, a statement stated on Saturday (Feb 14).

Addressing the second day of 'National Urban and Real Estate Development Conclave' organised by NAREDCO, the minister elaborated on the issue of establishing charitable institutions to fund affordable housing in LIG and EWS segments.

The minister pointed out that money could be organised through CSR contributions in such proposed charitable institutions to generate funds for poorer sections of the society, since banking and financial institutions are barely proactive in supporting this section.

According to the statement issued by NAREDCO, the minister indicated that close to 700-750 slum settlements in and around NCT would be developed by the government for which policy framework is being deliberated upon various stakeholders within the various authorities of the government at a very high level.

Speaking on the occasion, NAREDCO chairman Niranjan Hiranandani said that a great deal of efforts have been made by the government to ensure housing attains a priority in Indian economy, but lot more needs to be done so that the contribution of housing sector increases to 15 per cent by 2047.