Aimed at providing financial assistance at affordable rates to all sections of people and house construction agencies, the State Government has decided to set up the Kerala State Housing Development Finance Corporation.
Finance Minister K M Mani said that an amount of Rs 1 crore has been earmarked for setting up this corporation.
The formation of the Kerala State Housing Development Finance Corporation was a promise in the 2011 budget.
The project envisages to pool investments from domestic and international sources, particularly from the Gulf region for the development of housing sector in the state.
Apart from this, it also envisages to promote environment friendly and cost effective constructions.
The Kerala State Housing Development Finance Corporation also looks forward to provide assistance in the cooperative sector which deals with housing.
The State Government has mooted setting up of the Kerala State Housing Development Finance Corporation at a time when the Kerala State Housing Board is yet to come out of the deep financial crisis it is facing.
The Chief Secretary and the secretary, Housing Department, would be the Managing Directors of the Corporation. Secretaries of the Departments of Finance, Expenditure, Law Housing and local bodies would be the promoters of the Corporation.