₹130 crore allocated for LIFE project

Sanction for government guarantee to obtain a loan of ₹448.34 crore from HUDCO has been given by the Finance department. The construction of 3.85 lakh houses, out of the total approved 5 lakh, has been completed till now

The Finance department has allocated ₹130 crore more for the State government’s LIFE housing project.

The department has also accorded sanction for government guarantee to obtain a loan of ₹448.34 crore from HUDCO, enabling the construction of more houses under the scheme in the upcoming financial year.

According to Minister for Local SelfGovernments M.B. Rajesh, the construction of 3.85 lakh houses, out of the total approved 5 lakh houses, have been completed till now.

The fund infusion will also aid the faster completion of the 1.15 lakh houses which are in various stages of construction, out of which 3,805 belong to extremely poor families identified as part of the State government’s project to eradicate extreme poverty.

Mr. Rajesh, in a statement on Saturday, lauded the Finance department for giving due consideration to the LIFE scheme despite the financial embargo imposed by the Union government. Over the next two years, the government plans to spend ₹10,000 crore as part of the project to construct 2.5 lakh more houses.

₹17,209.09 crore spent

Till date, a total amount of ₹17,209.09 crore has been spent on the project, out of which the Union government’s share is ₹2,081.69 crore. Mr. Rajesh said that as many as 2.70 lakh out of the 3.85 lakh completed houses, constituting 70% of the houses, were completed completely with the State government’s funding.

Under the project, eleven housing complexes accommodating 886 landless and homeless families were completed. The work of twenty one more housing complexes is progressing.

Two housing complexes will come up on land which was obtained as donation through the department’s ‘Manassodithiri Mannu’ campaign, through which a total of 30.16 acres of land were offered to the government.

Steps have been taken to make available cement, paint, and other materials at affordable rates to the housing project beneficiaries.