Friday, July 5, 2019

Steps Taken by Tamil Nadu Housing Board for the Homeless

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The Tamil Nadu Housing Board scheme aims to provide affordable housing to all classes of individuals in Tamil Nadu.
The organisation came to life as City Improvement Trust back in 1947. Initially a fledgling project, it transformed into the latest body in the year 1961 with a huge expansion of its operation. Activities began as early as the 1970s. There are multiple projects which function to provide affordable housing to HIG, MIG, and LIG families.

Housing for the Homeless

Back in 2017, this organisation allocated Rs. 680 Crore for the development of 7,000 houses over an area of about 27.35 acres in Ernavur.
It allotted another Rs. 727 Crore for the construction of more than 3,000 homes in areas like Chennai, Madurai, Villupuram, Erode, Tirunelveli Cuddalore, Hosur, and Ramanathapuram districts during the same year.
Other than the above, the construction of more than 20,000 houses is underway at the cost of around Rs. 3,400 Crore by the TNHB.

Current Mission of This Board

The proposed “Tamil Nadu Sustainable and Resilient Housing and Habitat Development for Urban Poor” project earned this organisation assistance of $500 million after the World Bank approved it. As per this project, it will build 40,000 homes for the slum dwellers and urban poor.

Some of the critical highlights of this project include:

Total estimated cost of this project is $715 million.
Development of approximately 6,877 tenements in the districts of Chennai, Kancheepuram, and Tiruvallur.
Investment of 30% of World Bank funds in the above.
The Tamil Nadu Housing Board scheme owns 27.35 acre of land in Ernavur for this project. The land falls in the Special and Hazardous Zone as per Regulation 18 of Second Master Plan. The Tamil Nadu Slum Clearance Board reclassified this land for this project.
Plinth area of the flats will vary between 360 and 410 sq. ft.
The Greater Chennai Corporation and Public Works Department will identify the beneficiaries of this project.

The organisation aims to facilitate families which fall under the Economically Weaker Sections. Its primary beneficiaries are those living around river margins and water bodies. According to officials, construction will take up to 18 months and will commence in 6 to 9 months.

Allotment of Plots
Not only flats, but the Tamil Nadu Housing Board scheme also offered 1,121 residential plots for sale. The prices of these plots range between Rs. 1 Lakh and Rs. 1.4 Lakh. These plots, located in Satellite Town and Uchapatti Thoppur Village of Madurai, measure 40 sq. m. 

Home Loans for Property Purchase

The Tamil Nadu Government home loan scheme makes availing finances to purchase houses affordable for beneficiaries under the Credit Linked Subsidy Scheme or CLSS under the PMAY. Those availing these loans must understand the common home loan terms to make better decisions.
The CLSS provides 6.5% subsidies on housing loan interest rates for the Low Income Group (LIG) and Economically Weaker Section (EWS) families. It is available on loans of up to Rs. 6 Lakh with a maximum tenor of 20 years.

Middle Income Group (MIG) I and II families also receive 4% and 3% subsidies on housing loan interest rate. It is applicable on loans of up to Rs. 9 Lakh and Rs. 12 Lakh respectively.
Various financial institutions and NBFCs offer housing loan under this scheme. For eg. Bajaj Finserv provides loans of up to Rs. 3.5 Crore with features like balance transfer facility and top-up loan.
These loans are beneficial for the backward class to easily utilise the Tamil Nadu Housing Board scheme initiatives towards rehabilitation. According to this organisation, it has developed more than 4 Lakh dwelling units for the homeless for slum clearance since it came into force.

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Author: verified_user

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