Affordable Homes

Recently, the Central Sanctioning and Monitoring Committee [CSMC]of the PMAY [Pradhan Mantri Aawas Yojna] sanctioned 2.67 lakhs housing units to various states including Gujarat, Maharashtra, Bihar, Rajasthan, Punjab, Uttarakhand and West Bengal. Durga Shanker Mishra, the Secretary of Union Housing and Urban Affairs Secretary helmed this meeting. The increase in the sanction of affordable homes has also escalated the cost to Rs. 3919.32 crores.

Until now the Government sanctioned total of 51 lakh housing units in addition to the 3.18 lakh homes which were approved under the Pradhan Mantri Aawas Yojna [PMAY] in June 2018. The above-mentioned states are the beneficiaries of this recently approved cluster of units for which the estimated cost stands at Rs. 8,692 crores out of which the Union Government will offer assistance of Rs.3,782 Crores.

The revision in super area ratio has made the housing units more spacious as now the unit area covers 120 Sq.meter which earlier covered only 90 Sq.meter area. As per the new plan, those having an annual income between Rs. 6-12 lakhs can now apply for MIG – 1 housing units. Similarly, the unit area for MIG-2 has been revised and now the beneficiaries will get 200 Sq.meter. housing unit inspite of the 110 S                q. meter.

In the past one year, the Narendra Modi-led Union Government has approved 21.56 lakh homes under the PMAY scheme. Out of which the foundation has been laid for 18.47 lakh homes and 55% work has been completed at the ground level. The average completion rate for housing units under the PMAY scheme is 14, 253 units per month and the deduction in GST from 12% to 8% on construction of housing units under PMAY also known as the CLSS [Credit-Linked Subsidy Scheme] is a positive move for the homebuyers falling under the EWS –[Economically Weaker Section], MIG -1 [Middle Income Group] and MIG-2 [Middle Income Group].

A National Urban Housing [NUB] of worth Rs. 60,000 crore is also in the pipeline as it will support the Extra Budgetary Resources [EBR] for fast and timely implementation of the PMAY-U scheme.