Speaking at a news conference here today, Union Minister of State for Urban Development Bandaru Dattatreya said a whopping Rs 1.25 lakh crore was required to fulfil housing needs.

The Centre had sanctioned the construction of one crore additional housing units throughout the country within five years at the rate of 20 lakh units per annum.

Of the 20 lakh units, seven lakh will be constructed in urban areas and the rest in rural areas. The programme will be implemented jointly by the Housing and Urban Development Corporation (HUDCO) and the respective state governments. HUDCO's equity had been enhanced from Rs 40 crore to Rs 110 crore to enable execution of the programme.

Dattatreya said his ministry had received proposals for 6.5 lakhurban units from different state governments.

The minister, who had convened the press meet to mark the completion of 100 days in power by the Vajpayee-led coalition government, said the party had given a ``new direction and orientation'' to the country's economy despite pressures from coalition partners. ``We are not power-mongers. We functioned in a democratic way without succumbing to pressures from any of the allies,'' he said.

New apartment bill

The Government has finalised a bill aimed at protecting the interests of apartment buyers in the Capital. The proposed Delhi Apartment Ownership Bill has already been finalised and the final cabinet note submitted for approval of the Government. Besides protecting the interests of apartment buyers, the proposed law would enable them to seek redressal in a criminal court for any grievances. Non-performance of builders would be treated as a criminal offence.