New Delhi: To address the issues related to housing shortage in a time-bound manner, the Centre will launch the 'Global Housing Technology Challenge' in Delhi on Monday, officials said.

Union Housing and Urban Affairs (HUA) Minister Hardeep Singh Puri will launch the initiative under the Pradhan Mantri Awas Yojana-Urban (PMAY-U), Ministry Secretary Durga Shanker Mishra said.

"Global Housing Technology Challenge-India will enable a paradigm shift in the country's construction sector," Mishra tweeted.

"It will address issues related to housing shortage in a time-bound manner and focus on the need for emerging, cost-effective and speedy construction technologies," he said. 

The PMAY (U), launched by Prime Minister Narendra Modi in June 2015, aims to ensure "Housing for all by 2022" by providing financial assistance to the beneficiaries. 

Around 68.5 lakh houses have been approved so far for construction under the PMAY (U)