Ministry Of Housing To Hand Over 1 Crore Homes Under PMAY By Dec 2018

Ministry sanctions almost 3-5 lakh home every month. PMAY is one of the government's initiatives for affordable housing. The government through this scheme plans to provide the urban poor with a massive 20 million affordable houses by 31 March 2022.

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Ministry Of Housing To Hand Over 1 Crore Homes Under PMAY By Dec 2018

Both the government and Reserve Bank of India (RBI) have been introducing various measures in order to boost Pradhan Mantri Awas Yojana (PMAY). In the latest move, the Ministry of Housing and Urban Affairs has now decided to hand over 1 crore homes under the PMAY by end of December 2018.

He said that his Ministry sanctions almost 3-5 lakh home every month. PMAY is one of the government’s initiatives for affordable housing. The government through this scheme plans to provide the urban poor with a massive 20 million affordable houses by 31 March 2022.

Read Also: 51 Lakh Units Approved Under Pradhan Mantri Awas Yojana- Urban

Today my office has sanctioned 318,000 homes taking the tally to 51 lakh houses so far, he said at an Interactive Session on Sustainable Development Goals and moving up the scale with CSR and flagship programs organized jointly by Research and Information System for Developing Countries (RIS) and Forum Indian Development Cooperation.

As part of Smart City Initiative, safe transportation, lower environmental impact, waste to energy and waste to compost, Universal access for women, children and old people is where intervention is required beyond building homes. Citing an example, he pointed-out to Surat in Gujarat where the crime rate dropped by over 20% with the use of technology like CCTV.

Read Also: Around 1.66 Lakh Apartments To Be Delivered In NCR During 2018: Anarock

There is no shortage of funds, all one needs is a bankable project, the Union Minister concluded.

Recently, RBI in latest monetary policy stated that, in order to bring greater convergence of the Priority Sector Lending guidelines for housing loans with the Affordable Housing Scheme, and to give a fillip to the low-cost housing for the Economically Weaker Sections and Lower Income Groups, it has been decided to revise the housing loan limits for PSL eligibility from existing Rs 28 lakh to Rs 35 lakh in metropolitan centres (with population of ten lakh and above), and from existing Rs 20 lakh to Rs 25 lakh in other centres, provided the overall cost of the dwelling unit in the metropolitan centre and at other centres does not exceed Rs 45 lakh and Rs 30 lakh, respectively.

Read Also: Homebuyers Looking For Bigger Flats At An Affordable Price In Top Cities

RBI said, “the PMAY-Urban (PMAY-U) subsumes all the previous urban housing schemes and aims at ‘Housing for All’ to be achieved by the year 2022.”

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