With the rapid pace of sanctions for affordable homes, the Union Government is all set to achieve its ambitious target of ‘Housing for All’ by mid of 2019 which is much earlier than its stated deadline of 2022.
Union Housing and Urban Affairs Minister, Hardeep Singh Puri informed about this development in Mumbai. While speaking in a meeting, he said, “Our target is to sanction total 11 million homes, of which 4.5 million units have already been sanctioned. In addition to this, we are sanctioning around 3-5 lakh urban units every month. With this pace, we’ll be able to finish our target by mid of 2019.”
He further said that apart from urban units, the government will also sanction a total 1 crore rural units by December end.
In order to empower people to get their dream home, the central government on 25th June 2015, has launched its flagship mission ‘Housing for All by 2022′. The scheme named Pradhan Mantri Aawas Yojna (PMAY) is classified into two parts- PMAY (Urban) and PMAY (Rural). This is a Credit-Linked Subsidy Scheme (CLSS) for Lower Income Group/Economically Weaker Section (EWS/LIG) and Middle Income Group (MIG – I & II). Beneficiaries availing this scheme are eligible to avail interest subsidy on the purchase or construction of a house or the enhancement of dwelling unit.
Also, to attract more home buyers to buy property, the government in 2017 has granted infrastructure status to affordable housing. This has rejuvenated the interest of many home buyers in this segment in a significant way. In the last few quarters, many realty developers have also started giving more focus to affordable housing which has increased the development of such projects at a faster pace. The move is also allowing developers of these projects get access to institutional funding with better terms.
Apart from all these reforms in the residential sector, setting up of affordable housing fund also have boosted the demand and supply of low-cost homes. This move has also brought cheers to many prospective home buyers as they can now easily become a property owner.