Minister supports 100% FDI in affordable rental housing

Housing and Urban Affairs Minister Hardeep Puri on Friday came out in support of allowing 100% foreign direct investment in affordable rental housing while speaking to leaders of the industry at the launch of a portal and app for prospective home-buyers. Responding to the demand raised by the industry during the virtual launch of a mobile app of the Confederation of Real Estate Developers’ Associations of India and an e-commerce portal of the National Real Estate Development Council, Mr. Puri said: “I’m all for it, 100% FDI in affordable rental housing”. India will continue to attract FDI, says UN trade body Along with the e-commerce portal and app, the Minister also released a series of documents, including guidelines and memorandum of agreement to be signed with States and Union Territoriess, related to the Affordable Rental Housing Complexes scheme that was announced as a part of the coronavirus economic response plan of the government, the Atmanirbhar Bharat package. Mr. Puri said at the webinar: “Owning a home should not be considered the be all and end all of life.” He added that rental housing was necessary for younger people starting their careers.