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3/28/2019

PMAY-Urban: 15 Lakh Homes Completed; Launches A Special App For Beneficiaries

The shortage of houses is pegged at 10 million in the urban areas. However, the government aims to provide houses to all by 2022 through the flagship programme ‘PMAY’ (Pradhan Mantri Awas Yojana) Urban.

To boost Affordable housing, the Ministry of Housing & Urban Affairs, has approved the revision of the carpet area of houses eligible for interest subsidy under the Credit-Linked Subsidy Scheme (CLSS) for the Middle-Income Group (MIG) under Pradhan Mantri Awas Yojana (Urban) in respect of MIG I from “up to 120 square meters” to be increased to “up to 160 square meter” and, in respect of MIG II from “up to 150 square metre” to “up to 200 square metre”. The increase will now enable individuals in the MIG category to qualify for a subsidy and avail the benefits provided under the ambitious flagship programme ‘PMAY’ (Pradhan Mantri Awas Yojana) Urban.

For the new developments refer to the table below:

Sn.No

Particulars

CLSS for MIG

MIG – I

MIG - II

  1.  

Household Income (Rs. p.a.)

From 6,00,001 up to 12,00,000

From 12,00,001 up to 18,00,000

  1.  

Interest Subsidy (% p.a.)

4.00%

3.00%

  1.  

Maximum Loan Tenure

20

20

  1.  

Eligible Housing Loan Amount for Interest for Interest Subsidy (Rs)

9,00,000/-*

12,00,000/-*

  1.  

Dwelling Unit Carpet Area (up to)**

160 sq.m.

200 sq.m.

  1.  

Discounted Rate for Net Present Value (NPV) calculation for interest subsidy

9.00%

9.00%

  1.  

Upfront Amount for Subsidy (Rs.)

2,35,068/-

2,30,156/-

Union Minister Hardeep Singh Puri said, “The development will attract more people in the MIG category to buy houses under the scheme.” The credit link subsidy scheme on home loans for MIG under the PMAY-U is currently effective until March 2020.

Current status

The Centre approved 5.6 lakh houses under the Pradhan Mantri Awas Yojana for urban poor. Till date, the total number of houses being funded by the government in the urban areas is now more than 79 lakh.Uttar Pradesh has been sanctioned 1,79, 215 houses, followed by Andhra Pradesh 1,10,618, Maharashtra 1,01,220, Karnataka 48,729, among others.

The total number of houses approved under PMAY Urban in different States are as follows:-

State Name

Houses Sanctioned under PMAY Urban (U)

Uttar Pradesh

1,79,215

Andhra Pradesh

1,10,618

Maharashtra

1,01,220

Karnataka

48,729

Madhya Pradesh

26,587

Gujarat

25,861

Manipur

13,715

Tamil Nadu

12,174

Bihar

10,084

Odisha

7,472

Chattisgarh

7,067

Kerala

4,194

Haryana

4,019

Rajasthan

3,601

Jharkhand

2,165

Assam

1,419

Meghalaya

1,397

Puducherry

1,158

After subsuming projects of Rajiv Awas Yojana (RAY) Scheme, the cumulative number of houses sanctioned under PMAY(U) now is 79,04,674. 15 lakh homes have so far been completed. More than 12 lakh houses are currently being constructed.

Tepid Response From The Middle Class

Even after the government expanded the ambit of its PMAY to include the middle-class homebuyers, the response from this section has been tepid. However, according to the ministry of housing and urban affairs figures suggests that so far only 27,000 beneficiaries have availed interest subsidy on loans for construction of the house. The target was to reach out to 50,000 beneficiaries from the middle-income category in 2017-18.

Reasons For The Tepid Response

The PMAY-U scheme did not get the response from India's middle class it was expected to. Housing sector experts blame a slew of factors such as lack of awareness among buyers of the scheme, stringent eligibility criteria like those who are having a pucca house anywhere in the country cannot be eligible for this scheme and the current state of the Indian real estate market.

According to Amrit Abhijat, joint secretary in the ministry and the mission director of PMAY, “With awareness increasing and the infrastructure in place, 2018-19 is the year we expect many more people from the middle-income category to avail benefits under PMAY.”

New Mobile App For Beneficiaries of PMAY (U) Mission

In February this year, a special mobile application was launched for beneficiaries of PMAY. Available as PMAY (U) on Playstore, this mobile app will allow beneficiaries of PMAY (U) to capture and upload high-resolution photographs and videos of completed houses along with their families. These photographs and videos of beneficiary testimonies would then be scrutinized at the state as well as at the central level.The selected beneficiaries from the states and union territories would be awarded and invited as special guests for the anniversary celebration of PMAY (U).

This app will also allow the beneficiaries to upload selfies with their house and a short video clip where they would share stories of their home ownership under PMAY (U).

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