Hurdles across the stride for “Housing For All 2022”

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By Rohit Poddar, MD- Poddar Housing and Development Ltd

The Government of India announced “Pradhan Mantri Awas Yojna (PMAY)” in June 2015 with the aim to ensure that no one remains oblivious to privilege of having a home of their own by the year 2022. That was the first time in history that any government in the centre has made housing such an important issue. It has two constituents: Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awaas Yojana (Gramin) (PMAY-G and also PMAY-R) for the rural poor. This scheme was launched with the target of building 20 million affordable houses by 31 st March 2022 for the people coming under the economically weaker section and lower income groups in urban areas with the assistance of Rs 2 trillion (US$28 billion) from central government.

The PMAY scheme promises that the government will provide an interest subsidy of 6.5% on housing loans availed by the inheritor for a period of 20 years under credit link subsidy scheme from the start of a loan.

Target of the mission:

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