On the completion of 3rd year of implementation of Pradhan Mantri Awas Yojana (PMAY) – Urban, The Ministry of Housing and Urban Affairs (MoHUA) conducted its 35th Central Sanctioning and Monitoring Committee (CSMC) meeting on June 25, 2018 where a total of 3,18,900 houses from 6 States/UTs were approved.
With this, the PMAY (U) has approved more than 51 Lakhs dwelling units against the estimated demand of 1 crore. On its third year of the implementation date, a significant milestone of more than 51 lakh houses approved has been achieved. This is a huge jump in comparison to old housing scheme where 12.4 Lakh houses were approved in around 9 years of its implementation.
Such unprecedented performance is due to the innovative architecture of the scheme where flexibility has been given to the States/UTs to approve the projects. Further, rather than a rigid approach, beneficiaries are free to choose from 4 verticals of the Mission as per their preference.
The State of Maharashtra has taken a big stride in achieving its target of providing houses to slum dwellers by getting 2.48 lakh houses approved in 35th CSMC.
Important points of this achievement
The total project cost approved under PMAY (U) stands at Rs. 2.81 lakh crore with a Central Assistance of Rs. 77,934 crore.
A total of 7.60 lakh houses are already completed and another 28 lakh have been grounded. A massive expansion of housing finance through CLSS is taking place.
As on June 25, 2018, more than 2 lakh beneficiaries have been given subsidy under the CLSS vertical of the mission which is substantially higher than 18,166 beneficiaries who benefited from earlier comparable Interest Subsidy Schemes (ISHUP/RRY) – 2008 to 2013.
Carpet area expansion upto 200 sq. m. under MIG component of the CLSS is being welcomed by all stakeholders.
|PM Awas Yojna: Govt raises carpet area up to 2,100 sq ft for interest benefit
Earlier, the Government has increased the carpet area of houses eligible for interest benefit under the PM Awas Yojna (PMAY) for the middle-income group or MIG by 33 per cent as it seemss to bring more beneficiaries under its fold and achieve the target of ‘housing for all’ by 2022.
The measure implies that households with an annual income of up to Rs 18 lakh can now avail themselves of Rs 2.3 lakh upfront subsidy for a house measuring up to 2,100 sq ft. Households with income from Rs 6-12 lakh fall within the MIG-1 category, while those with income between Rs 12-18 lakh qualify as MIG-2.
So far, houses with a carpet area up to 120 sq. m. (1.291 sq ft) for MIG-I and up to 150 sq. m. (1.614 sq ft) for MIG-II were eligible for interest subsidy. They have been increased to 160 sq. m. (1,722 sq ft) and 200 sq. m. (2,153 sq ft), respectively.
Pradhan Mantri Awas Yojana
In terms of coverage, the Mission is a paradigm shift in the history of housing schemes being implemented in the past.
The Government of India is committed to providing “Housing for All” by the end of the Mission period-2022.
A National Urban Housing Fund for Rs. 60,000 crores has been set up for raising Extra Budgetary Resources (EBR) in phases, for the rapid implementation of PMAY (U).
Keeping the ethos of cooperative federalism, the States/UTs are implementing the scheme with considerable zeal and initiatives.
Pradhan Mantri Awas Yojana- Report Card
The States of Andhra Pradesh, Madhya Pradesh, Telangana, Gujarat, Tamil Nadu, Jharkhand and Chhattisgarh are among the best performing States.
Use of innovative and fast-track construction technology has been adopted in a big way under the scheme.
More than 7 lakh houses are being constructed in different States using new technologies.
The progress of the houses on the ground has been monitored through geo-tagging using space technology.
The MoHUA has further rolled out eight models of Public-Private Partnerships (PPP) for Affordable Housing that has steered in a revolution in the Affordable Housing sector in India.
Impacts of ‘Housing for All’
The investment in the housing sector has a spiral and cascading effect on other sectors of the economy as well, thereby boosting the GDP of the country.
The increased activity in the construction of housing boosts the demand of not only construction material such as cement, bricks, sand and steel but also the allied sectors.
In addition, the momentum in the housing sector, also results in huge direct employment creation, as a large number of jobs, both skilled and unskilled, are also created potentially.
Video: Check out the latest current affairs of this week
DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.