Maharashtra Sanctioned Rs 120 Crore For Affordable Housing Project In Solapur

As per the Pradhan Mantri Awas Yojana (PMAY) provisions, the project is eligible for a grant of Rs 2.5 lakh per unit.

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Maharashtra Sanctioned Rs 120 Crore For Affordable Housing Project In Solapur

Maharashtra cabinet sanctioned a mobilisation advance of Rs 120 crore for an ongoing affordable housing project in Solapur. The project, being developed under the Centre’s Pradhan Mantri Awas Yojana (PMAY), involves the construction of 30,000 affordable housing units on a cooperative basis.

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It is being undertaken by a cooperative housing federation, the Ray Nagar Federation. As per the Pradhan Mantri Awas Yojana (PMAY) provisions, the project is eligible for a grant of Rs 2.5 lakh per unit.

This includes Rs 1.5 lakh per unit paid by the Centre, and Rs 1 lakh by the state.

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While the first instalment of this grant 40 per cent of the total grant is normally paid after the project promoters have obtained the commencement certificate and furnished a bank guarantee, the cabinet on Tuesday waived off these conditions as a special case.

The Ray Nagar Federation’s housing project is the only one of its kind in the state.

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Source Link- https://indianexpress.com/

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