November 17, 2020

FM announces Rs 18,000 crore additional outlay for urban housing scheme

NEW DELHI: On Thursday Finance Minister NirmalaSitharaman declared an additional outlay of Rs 18,000 crore for the urban housing scheme. This step was taken to help complete real estate projects that can create jobs and boost the economy. She also said the Rs 18,000 crore will be given over and above the Budget Estimates for 2020-21 for the Prime Minister AwasYojana (Urban) by additional allocation and extra-budgetary resources. This is more than Rs 8,000 crore already allotted this year.

She said that this will start work on 12 lakh houses and complete 18 lakh houses. This will further create 78 lakh new jobs and the demand for steel and cement.

Talking about the support for construction and infrastructure, she said Earnest Money Deposit (EMO) and performance security needs will be relaxed for government tenders.

Performance security on contracts will be cut off till 3 percent instead of 5 to 10 percent. It will extend to ongoing contracts that don’t have any dispute. It can further be extended to public sector enterprises, she said, adding states will also be encouraged to adopt the same. Earnest money deposit (EMD) will not be needed for tenders and can be replaced by a bid security declaration. She said further that these relaxations will be provided till December 31, 2021.

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