THIRUVANANTHAPURAM: With the Kerala State Housing Board yet to come out of the deep financial crisis, the State Government has mooted the creation of Kerala State Housing Development Finance Corporation with the objective of mobilising funds for the housing sector in the state. Sources told Express that notice inviting the expression of interest for the preparation of Detailed Project Report (DPR) has been called for and once the report is ready, the same will be presented before the State Cabinet for the final approval. KSHB’s outstanding liabilities with Housing and Urban Development Corporation Limited alone is a whopping Rs 750 crore. The State Government is committed to clearing at least one-third of this liability immediately, lest it be denied any more loans for the housing sector from the Centre.However, even this will not provide any succour since the total financial liability stands at Rs 10,197 crore for the financial year 2011-12. “With the KSHB in deep financial crisis, the project envisages to pool out investments from domestic and international sources, particularly from the Gulf region for the development of the housing sector in the state.‘’There are also many NRIs who may chip in,” said a top official of the Housing Department. The DPR to be prepared by consultants will cover resource mobilisation, equity participation and legal issues. The Reserve Bank of India clearances for resources, constitution of the corporation and its functions are the other areas that the DPR will address.The risks associated with raising NRI funds and external finance are other areas that have to be included in the DPR. The last date for the submission of the DPR has been fixed for September 3. Apart from financing housing schemes like that of HUDCO, the new financial platform will also augment the basic community and infrastructure services through its core strengths.“The prime objective is providing financial assistance at affordable rates to all sections of the people and various builder agencies. A feasibility study will be carried out to understand the existing housing finance scenario in the state, based on the financial requirement of individuals belonging to various economic categories and that of real estate developers.‘’The study will also cover the existing lending pattern and the steps to be taken for the successful running of the proposed corporation,” the official said.
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