Press Release

Bankers & builders must work together to fulfill PM Modi’s vision to provide a house for every citizen of the country: Kaushal Kishore

The Hon’ble Union Minister of State of Housing and Urban Affairs addressed a national conference on housing finance in India, which was organized by ASSOCHAM

NEW DELHI, July 13, 2022: While addressing the national conference on 'Housing Finance in India - Issues and Solutions' today, Union Minister of State for Housing and Urban Affairs, Shri Kaushal Kishore said that bankers, builders and all the stakeholders in finance should cooperate and work together in fulfilling Prime Minister Shri Narendra Modi’s vision to provide a home to every citizen in the country. He added that the stakeholders should participate in nation-building and treat it as a movement. The conference was organized by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), the apex industry body. 

Addressing the conference through video conferencing from Lucknow, the Union Minister of State for Housing and Urban Affairs said that it will be a matter of honour for India if every poor of the country has his own house and is provided with basic facilities like roti, kapada and makaan. However, he added, we have to simplify the processes to enable that. 

Shri Kishore told the bankers that steps should be taken to help people avail of the housing loan through easy paperwork. “According to an estimate, there are about 136,000 bank branches across the country. If the applicants are able to get housing loans easily from these banks, then the work of providing a house to all will also be easy,” he said. 

The Union Minister of State for Housing and Urban Affairs, who also released ASSOCHAM-Resurgent Joint report titled 'Housing Finance Industry in India-The Road’.  

In his address at the same event, Shri Pradeep Aggarwal, Chairman, National Council on Real Estate, Housing and Urban Development of ASSOCHAM and Chairman, Signature Global India Ltd said that affordable housing projects have become an important pillar of the real estate sector today. They are further strengthened by government schemes and initiatives. 

In his theme address, Shri D S Tripathi, Managing Director & CEO, Aadhar Housing Finance Ltd. said home is the foundation of life and dignity and housing contributes to the 7% of GDP in the economy. The urban scheme model should be carried out by the government to create more awareness and to create an environment which will ensure the supply of houses on demand side.  

Shri Kollegal V Raghavendra, Executive Director, Punjab & Sind Bank elaborated on the need to simplify the paperwork in various cases. He said, If we want to make India a $5 trillion economy, then the housing industry has to play an important role in it. Those providing financial facilities for the housing sector also have an important role in nation-building.  

He further continued by saying ‘’Accessibility and affordability, are key drivers of the housing sector's expansion’’. He emphasised that the home loan structure has a lot of room for expansion in terms of beneficiaries, rate of interest, EMI, and collection of income documents. 

The former MD and CEO of National Housing Bank, Ms. Dakshita Das, emphasised in her special address that "India is a stable and expanding economy and tremendous changes have happened in the housing finance industry in the previous years where housing sector continued to flourish." She also said that growth is concentrated in urban areas and that affordability is a challenge. 

The Managing director of VictoryOne Group, Shri Sudhir Agrawal, presented his thoughts on the need to meet the enormous demand brought on by the growing population as well as the necessity to automate and digitise the housing process uniformly across India. 

Shri Ashish Agrawal, Director, Resurgent India Limited said that the factors increasing the demand side are rising housing requirements, changing lifestyles, moving in bigger house, increased urbanization. ''In the last 5 years there has been a growth of 16% in the real-estate sector'', he mentioned.