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Over 88,200 government-funded vacant houses available to be converted into ARHCs, Real Estate News, ET RealEstate

Over 88,200 government-funded vacant houses available to be converted into ARHCs, Real Estate News, ET RealEstate
About 88,236 existing government funded vacant houses are available to be converted into Affordable Rental Housing Complexes (ARHCs) for rental accommodation to migrants under Model-1 of ARHC scheme, according to Ministry of Housing & Urban Affairs.

However, no vacant houses are available in Telangana for rental accommodation to migrants under Model-1.

According to the ministry, aims and objectives of Affordable Rental Housing Complexes (ARHC) Scheme announced under Atmanirbhar Bharat Package are to address the vision of ‘AtmaNirbhar Bharat Abhiyan’ significantly by creating a sustainable ecosystem of affordable rental housing solutions for urban migrants/poor.

“Another aim is to achieve overall objective of “Housing for All” encompassing the need of affordable rental housing for urban migrants/poor. ARHCs will provide them dignified living with necessary civic amenities near their place of work,” the ministry said.

The move will also create a conducive environment by incentivizing public and private to leverage investment for creating affordable rental housing stock to take care of their own requirements for workforce and also cater to neighbouring areas, if they have available vacant land.

Initial affordable rent of ARHCs will be fixed by the local authority based on a local survey prior to the issuance of Request for Proposal (RFP) by Urban Local Bodies (ULBs).

Subsequently, rent will be enhanced biennially by 8%, subject to maximum increase of 20% in aggregate, over a period of 5 years, effective from the date of signing the contract. The same mechanism shall be followed over the entire concession period, which is 25 years.


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Written by Realty Beat

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