Govt. to Formulate Affordable Rental Housing Scheme under PMAY

PMAY - Govt. to Formulate Affordable Rental Housing Scheme For Working Poor

While addressing a press conference on May 14, Union Finance Minister Nirmala Sitharaman said that the government is implementing an Affordable Rental Housing Complex (ARHC) scheme for migrant workers or urban poor people to make living convenient at an affordable rent.

Government New Scheme Under Pradhan Mantri Awas Yojana

Amid the outbreak of coronavirus, migrant workers faced challenges in getting houses at reasonable rent. The scheme will be launched under the Pradhan Mantri Awas Yojana (PMAY) by a transformation of government-funded housing in the cities into Affordable Rental Housing Complexes under PPP (public-private partnership) mode through the concessionaire. This move will help migrant workers, and urban poor people live in cities by paying reasonable rents at these complexes of government.

The government-funded housing in cities would provide the much-needed drive to the revival of the real estate sector and other related industries. The affordable rental scheme is a key step towards resolving the problem of the housing of migrant labor, urban poor, and students, etc. And will provide them access to quality accommodation and security to encourage these workers not to return to their native places in a crisis like COVID-19. 

There will also be tax concessions for industries, manufacturing units, and institutions to develop the AHRC scheme on their unused land. The announcement that rental housing projects will be constructed through public-private partnerships would increase demand for raw materials, create employment, and thus offer a boost to affordable housing. The sitharaman announcement overall would certainly relieve the stress of the real estate sector to a certain extent.

However, the central government announcement would help thousands of migrant laborers who were the worst hit by COVID-19 also provide benefit to the allied industries 

By: Shailaja K