The Central Government sanctions construction of more than 3.18 lakh affordable houses in the urban areas under the Pradhan Mantri Aawas Yojna Urban [PMAY (U)]. According to the Housing and Urban Affairs [HUA] Ministry, this approval totals to 51 lakh housing units under the scheme since its launch. This sanction of home cluster cost Rs 8,692 crores out of which Rs 3,782 crores is the financial funding offered by the Central Government for 308 projects in six states and Union territories, the ministry said.
The construction of these affordable homes are partially funded by the Central Government under the Pradhan Mantri Awas Yojana [Urban] which comprises of 51 lakh total residential units in different parts of the country. Until now, Maharashtra has been sanctioned more than 2.48 lakh houses, Rajasthan got 31,304 housing units, Tamil Nadu ranks on the third number with 23,564 housing units, Chhattisgarh will build 13,889 affordable homes, Puducherry will have 1,580 and Daman and Diu will have exact 203 affordable homes.
The Pradhan Mantri Aawas Yojna [PMAY] was launched in the year 2015 by the current NDA Government as Prime Minister Narendra Modi set the target of Housing for all by 2022. The construction of these homes is carried out with premium quality material and the schemes offer a subsidy to the applicant falling into two categories including, EWS – Economically Weaker Section, MIG – Middle Income Group.
Sometime back, the Government increased carpet area and the loan amount from rupees 35 lakhs to 45 lakhs in order to attract more home buyers.