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PMAY Purpose
"Housing for All" Mission for urban areas has been implemented with effect from 17.06.2015 to provide central assistance to the implementing agencies. Under this mission, the Credit Linked Subsidy Scheme is being offered.
Pradhan Mantri Awas Yojana (Urban) Mission launched on 25 June 2015 to provide housing for all urban areas by 2022. The Mission provides central assistance to implementing agencies through the Member States / Union Territories (UTs) and Central Nodal Agencies (CNAs) to provide housing for all eligible families / beneficiaries against a validated demand for housing of approximately 1.12 Cr. As per the PMAY(U) guidelines, the size of the house for the Economically Weaker Section (EWS) could be up to 30 square meters. Mt. carpet area, however, States / UTs have the flexibility to increase the size of houses in consultation with and approval by the Ministry.
In the case of the Middle-Income Group (MIG), interest subsidies will be granted on housing loans for the acquisition/construction of houses (including repurchase).
In the case of Economically Weaker Section (EWS)/Lower Income Group (LIG), interest subsidies will be granted on housing loans for acquisition, construction of houses. Credit Linked subsidies would also be available for home loans for new construction and for the addition of rooms, kitchens, toilets, etc. to existing dwellings as incremental dwellings.
The interest subsidy benefit will be outstanding at the outset of the principal. The availability and amount of interest subsidies are subject to compliance with the income criteria for the different categories under the scheme.
Pradhan Mantri Awas Yojana Urban (PMAY-U)
The Pradhan Mantri Awas Yojana Urban (PMAY-U) currently has around 4,331 such towns and cities under this scheme. It also includes the urban development authority, the special area development authority, the industrial development authority, the development area, the notified planning authority and any other authority responsible for urban planning and regulations.
The scheme will move forward in the following three phases:
Phase 1: To cover 100 cities in selected states and UTs between April 2015 and March 2017.
Phase 2: To cover 200 more cities between April 2017 and March 2019.
Phase 3: To cover the remaining cities from April 2019 to March 2022.
According to data from the Ministry of Housing and Urban Affairs, as of 1 July 2019, the progress of PMAY-U in all States and Union territories is as follows:
• Sanctioned House-83.63 Lakh
• Houses completed-26.08 Lakh
• Houses occupied-23.97 Lakh
According to the same data, the total amount deemed to have been invested is Rs. 4,95,838 Crore, of which Rs. 51,414.5 Crore has already been released.
Pradhan Mantri Awas Yojana Gramin (PMAY-G)
Pradhan Mantri Awas Yojana Gramin (PMAY-G) was formerly known as Indira Awas Yojana and was renamed in March 2016. It aims to promote accessibility and affordability of housing for all rural India, with the exception of Delhi and Chandigarh.
The objective is to provide financial assistance to the homeless and those living in decrepit homes to assist them in the construction of pucca houses. Beneficiaries living in the plains may receive up to Rs. 1.2 Lakh and those living in the north-east, hilly areas, the Integrated Action Plan (IAP) and difficult areas may have up to Rs. 1.3 Lakh as a result of this housing effort. At present, according to the data available from the Ministry of Rural Development, 1, 03,01,107 houses have been sanctioned in all states and UTs.
In an attempt to boost purchases in the real estate sector, PMAY has been launched by the Government, and this cost of housing development will be shared between the central and state governments in the following ways:
• 64:40 for the plains.
• 90:10 North-East and hilly areas.
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