The Pradhan Mantri Awas Yojana (PMAY) is a scheme that aims to provide shelter to the homeless in India. The Government launched the project in 2015. The proposal says the plan aims to build at least 2 million homes for those belonging to the Economically Weaker Segment (EWS), Lower Income Group (LIG), and Middle-Income Group (MIG) by 2022.
What are the objectives of the plan?
The PMAY scheme focuses on:
1) Constructing or improvising the houses led by legatees
2) Promoting affordable housing to the weaker sections through the credit-linked subsidy scheme (CLSS)
3) Rehabilitation of slum areas with the help of private participation by using the land as a resource
4) Reasonably priced houses with assistance from private and Government funding
5) To renovate, retrofit, and develop 100 cities across the country to make them citizen-friendly
6) Decentralising the ‘housing for all’ scheme by involving the State Government
7) Establishing the Real Estate Regulatory Authority (RERA) and streamlining the process with the help of online governance
8) Promoting land pooling, dormitory housing, and using unutilised land owned by Government companies and public sector undertakings
9) Opportunity for investment in the real estate sector with the help of Real Estate Investment Trusts and Infrastructure Investment Trusts (InvITs)
What are the features of the project?
• The Indian Government is offering an interest subsidy of 6.5 per cent for a tenure of 15 years to beneficiaries like a husband, wife, and unmarried children
• The scheme is pro-women as it gives special preference to the ladies
• PMAY also provides special attention to the disabled and aged people. They offer ground floor homes to these people
• The Indian Government have eco-friendly construction equipment in place to make PMAY a success by 2022
• The square feet size varies for EWS and LIG individuals. It should be 30 sq. meters and 60 sq. meters respectively
• Banks and other financial companies have done away with the processing and other additional fees pertaining to PMAY scheme
• Applicants can claim the interest from the Central Nodal Agencies (CNAs), who are HUDCO and National Housing Bank
What are the income criteria for PMAY?
The terms and conditions differ for LIG, MIG, and EWS segments. They are:
• Those belonging from EWS should earn an annual income of INR 3 lakh
• The yearly salary of LIG is INR 3 lakh to INR 6 lakh
• Those families belonging from MIG should draw an annual income of INR 6 lakh to INR 18 lakh to avail of PMAY
These initiatives are accelerating, and the interests of the homebuyers are protected as they are registered with RERA. This is how the PMAY scheme is paving its way to a brighter future, providing wholesome development to the housing industry.
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