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The housing finance market is likely to grow by about 20 per cent in 2013-14, according to a top official of the National Housing Bank(NHB).
In the last fiscal, the banks and housing finance companies together disbursed around Rs 130,000 crore and NHB refinanced the banks and other financial institutions to the tune of Rs 14,300 crore.
"This year, we have set a target to disburse Rs 17,500 crore," said RV Verma, chairman and managing director, NHB, at the inaugural ceremony of the NHB's Regional Representative Office here recently.
H R Khan, deputy governor, Reserve Bank of India and Injeti Srinivas, development commissioner and additional chief secretary, housing and urban development department (H&UD), Odisha were also present at the ceremony.
Verma rued the fact about the outstanding retail housing loans of public sector banks in Odisha being less than one per cent (about 0.7 per cent) of their total credit. The outstanding housing loan at the national level stands at around Rs 700,000 crore and Odisha's share is only Rs 5,000 crore, he added.
Speaking on the occasion, Srinivas said, about 100 acres of land has been identified at Gothapatna, on the outskirt of Bhubaneswar for an affordable housing scheme and the bidding process will start soon to give it to private developers to build the project on pilot basis.
It may be noted that about one third of the populations in Bhubaneswar are living in slums.
Srinivas hoped that a bill on grant of property rights to slum dwellers and prevention of new slums will be passed in the next assembly session.
"Though we (RBI) are trying to control the rising external debt position, given the importance of affordable housing schemes, the external commercial borrowings (ECB) for the sector has been opened in a limited way by allowing up to $1 billion per year," said H R Khan.
The RBI top official suggested that micro finance institutions (MFI) need to look into the financial needs of the semi formal sectors.
