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Rs7.5-lakh houses affordable: Mckinsey to govt

Post a Comment March 21, 2009 – 12:22 pm | Permalink |  Print This Post |

Global consultant McKinsey is understood to have asked the Government to declare houses costing up to Rs 7.5 lakh as affordable, besides allowing developers to convert industrial land for residential purpose.

According to sources, in a presentation to the Planning Commission deputy chairman Montek Singh Ahluwalia today, McKinsey has suggested that dwelling units between 200 sq ft and 500 sq ft and priced up to Rs 7.5 lakh per unit to be brought under the definition of “low-cost affordable” housing.

This, however, could not be ascertained either from the Planning Commission nor the consultant. Sources said McKinsey has suggested Ahluwalia that the government should allow developers to construct residential units on unused land in industrial areas. It was suggested that those special economic zone projects, which the builders think economically unviable due to slump in demand, should be converted for housing purposes, they added. Sources added McKinsey discussed various options to make affordable housing economically viable for the developers

Source: Indian Express

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