Home is a place where everyone lives a quality and comfortable lifestyle. It plays an essential role in promoting social welfare that reflects the economic growth of a country. Pradhan Mantri Awas Yojana (PMAY) is one of the schemes introduced by the Government to provide housing for all the urban weaker sections with quality facilities for a comfortable stay.
Pradhan Mantri Awas Yojana (PMAY)
Pradhan Mantri Awas Yojana scheme is launched in 2015 and primarily aimed at providing housing for all. The PMAY scheme is mainly targeted for the Lower Income Groups and Economically Weaker Section of the society, basically the urban poor for providing them a house with quality facilities. The houses are built with excellent infrastructure facilities like power supply, water connection, toilet facilities, CC roads, and reasonable access to daily necessities. The scheme provides central assistance using a credit-linked subsidy scheme through implementing agencies which include banks. With PMAY and the credit-linked subsidy scheme, families in India have an opportunity to buy a home at a lower cost by availing interest subsidies.
Latest Announcement of PMAY Scheme
The Centre has proposed States and Union territories to grant their housing proposals sanctioned by March 2019 under PMAY (U) for their remaining demand. So that the aim to complete the construction of all houses may be achieved before 2022. On August 21, 2019, Housing Minister Hardeep Singh Puri said all the 1.12 crore units would be sanctioned by March 2020 while the target was of one crore units have been constructing pushing up the target. A total of Fifty lakh houses will be completed and will be occupied by beneficiaries in the next five to six months.
The government aimed to build one crore houses by 2022. Around 84 lakh houses have been sanctioned, and the entire one crore houses will be approved soon. 48 lakh houses are currently grounded, but this number will also rise to 75 lakh. The additional assessment demand for constructing 12 lakh more homes have been given to achieve the aim to construct and complete housing for all in early 2020. The minister said that the government will definitely complete the work of houses with high speed under the Pradhan Mantri Awas Yojana (Urban) by early 2021.
Progress of Affordable Housing Scheme
The government has introduced PMAY Urban housing scheme with four components include Credit Linked Subsidy Scheme (CLSS), Affordable Housing in Partnerships (AHP), In Situ Slum Redevelopment (ISSR), and Beneficiary Led Construction (BLC). They are provided under the central assistance to beneficiaries for the construction of houses. Under CLSS, Centre provides an interest subsidy of up to around Rs 2.67 lakhs on home loans to people, which reduces the principal outstanding amount of the loan.
So far, 55,40,801 houses have sanctioned for construction. Out of them, 28,06,465 houses have been completed under PMAYU (Pradhan Mantri Awas Yojana Urban). A total of 26.49 lakh units have been completed over the last four years, while 24 lakh homes have been occupied. The centre has released a total of Rs 52,212 crore, and the overall investment is estimated at Rs 5,19,999 crores. By 2020 all the houses will be sanctioned and grounded to the beneficiaries.
The Pradhan Mantri Awas Yojana is one of the best schemes introduced to accommodate a reasonable residential place for people with useful facilities. By providing affordable housing schemes for the eligible groups, it is helping many people to fulfill their housing dream. To meet the requirements of many buyers PropertyAdviser.in India’s first-ever real estate property directory helping many buyers with furnishing accurate information on the newly constructed properties for sale in Hyderabad at affordable prices. Visit our website and find your dream home that suits your budget and lifestyle for a happy lifestyle living.
By: Shailaja K