Housing for All
| Pradhan Mantri Awas Yojana (Urban) | |
|---|---|
| Country | India |
| Prime Minister(s) | Narendra Modi |
| Ministry | MoHUPA |
| Key people | Venkaiah Naidu |
| Launched | 1 June 2015 |
| Status: Active | |
Pradhan Mantri Awas Yojana (Urban) is an iniative by Prime Minister Narendra Modi of India in which affordable housing will be provided to the urban poor. The government has identified 305 cities and towns have been identified in 9 states for beginning construction of houses for urban poor.
Pradhan Mantri Awaas Yojana was launched in June 2015 with an aim to provide affordable housing to urban poor.
Under PMAY, it is proposed to build 2 crore houses for urban poor including Economically Weaker Sections and Low Income Groups in urban areas by the year 2022 through a financial assistance of ₹2 trillion (US$31 billion) from central government. This Mission has four components viz., In-situ Slum Redevelopment with private sector participation using land as resource, Affordable Housing through Credit Linked Subsidy, Affordable Housing in Partnership with private and public sector and Beneficiary led house construction/enhancement. Under these components, central assistance will be in the range of ₹1 lakh (US$1,600) to ₹2.30 lakh (US$3,600).
The houses given under this scheme will be owned by females or jointly with males.
Condition for PMAY: Beneficiary max age 70 years. EWS(Economic Weaker Section) annual income Less than Rupees 3 Lac. LIG(Lower Income Group) Annual Income 3,00,001 to 6,00,000 Lac INR The beneficiary should not have an own dwelling unit on the name of any family member in any part of India.
The government has approved an investment of ₹439.22 billion (US$6.8 billion) for construction of 6,83,724 houses for urban poor including central assistance commitment of ₹100.50 billion (US$1.6 billion) by April 2016.
The features of Pradhan Mantri Awas Yojana are that The government will provide an interest subsidy of 6.5% on housing loans availed by the beneficiaries for a period of 20 years under credit link subsidy scheme(CLSS) from the start of a loan,The houses under Pradhan Mantri Awas Yojana would be constructed through a technology that is eco-friendly,While allotting ground floors in any housing scheme under PMAY, preference will be given to differently abled and older persons
As of 25 April 2016, the government has identified 2,508 cities and towns in 26 states for beginning construction of houses for urban poor.
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