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ADB approves $150 million loan to improve urban housing in Tamil Nadu, Real Estate News, ET RealEstate

ADB approves $150 million loan to improve urban housing in Tamil Nadu, Real Estate News, ET RealEstate
MANILLA: The Asian Development Bank (ADB) has approved a 150 million dollar (about Rs 1,095 crore) loan to provide access to inclusive, resilient and sustainable housing for the urban poor in Tamil Nadu.

The state is vital to India’s economic growth, contributing 8.54 per cent to the country’s gross domestic product. Economic opportunities have increased rural-urban migration in the state, which already has one of the highest urbanisation rates in India.

Tamil Nadu has a population of more than 72 million, nearly half of which are living in urban areas. The rapid urbanisation and growth in the urban population will require adequate urban infrastructure and services, including housing.

“Tamil Nadu’s housing shortfall accounts for 6.66 per cent of the national deficit and when mapped against income levels, low-income households bear most of the shortage,” said ADB Principal Safeguards Specialist for South Asia Ricardo Carlos Barba.

“The aim is to provide vulnerable and disadvantaged households access to inclusive, safe, and affordable housing infrastructure and services,” he said in a statement.

Through the Tamil Nadu Slum Clearance Board, the project will construct housing units in nine different locations and relocate about 6,000 households vulnerable to natural hazards to safer locations.

It will also help Tamil Nadu’s Directorate of Town and Country Planning develop regional plans to map the state’s economic and infrastructure development including affordable housing, environmental protection, disaster risk management and gender.

A portion of ADB’s assistance will be invested by the state government as equity into the Tamil Nadu Shelter Fund to catalyse private sector financing and support investments mainly in industrial housing and working women’s hostels for low-income and migrant workers.

In addition, ADB will provide a 1.5 million dollar (about Rs 11 crore) technical assistance (TA) grant from its Technical Assistance Special Fund to support the capacity building of government agencies responsible for delivering affordable housing and regional planning in Tamil Nadu.

The TA will document successful approaches to affordable housing delivery, including the graduation programme for vulnerable relocated beneficiaries, that can be adopted in other cities and countries.


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