Pradhan Mantri Awas Yojana Three phases The rising call for for affordable housing had instigated, ‘Housing For All’ which is also known as ‘Pradhan Mantri Awas Yojana (PMAY) in 2015. With a View of providing a ‘pucca house’ in decent condition to every citizen, our Honerable Prime Minister, Mr. Narendra Modi initiated this scheme. Certainly, PM Awas Yojana focuses on building houses in good condition in affordable ranges for urban poor i.e. Economically Weaker Section (EWS) and Lower Income Group (LIG) living in the developed cities. LIG and EWS being objective beneficiaries are mainly, the citizens of India, who are disable to own a proper house due to high costs of residential developments and land. The scheme method implies to create additional two crore houses covering length and breadth land area of nation for the development use. The Yojana is launched by the Ministry of Housing and Urban Poverty Alleviation (MoHUPA). PMAY has three phases: The First phase: From April 2015 to March 2017 - Total of 100 cities will observe the development of affordable houses. The Second phase: From April 2017 to March 2019 - Additional 200 cities will be developed and expanded. The Third phase: From April 2019 to March 2022- All the cities that are left under ‘housing for scheme’ will be covered.
Each house construction under this scheme will have a central funding of INR 1 lakh which move up to INR 2.3 lakhs . The interest rate for home loan will be 6.5% for LIG and EWS section, applying for housing for all sceme. “By the time the Nation completes 75 years of its Independence, every family will have a pucca house with water connection, toilet facilities, 24x7 electricity supply and access.” Said our Hon’ble Prime Minister who targeted Housing for All (HFA) by 2022, till the time our Nation completes its 75 years of Independence.
Implementation Methodology for Pradhan Mantri Awas Yojna includes:
“In Situ Slum Redevelopment Affordable Housing through Credit Linked Subsidy Affordable Housing Through Partnership Subsidy for Beneficiary-led individual house construction.”
One can download the Pradhan Mantri Awas Yojana Guidelines form here. Content Source - https://realestateprojectsblog.wordpress.com/2016/07/04/pradhan-mantri-awasyojana-three-phases/