In the year 2015, the central government introduced PMAY or Pradhan Mantri Awas Yojna to provide comprehensive housing solutions for the economically weaker group and Low-Income sections. According to the plan, the government promised to provide housing solutions to all by 2022, even for the middle-income group.
Being a developing country, such schemes are always welcomed by the common people. Subsidies and discounts offered under this scheme are quite lucrative, and as a result, will inspire many to own properties, especially in the rural areas. Provisions are made to provide pukka houses, sanitation, electricity, water and other basic facilities to the weaker sections.
PMAY plans to provide subsidies that are credit-linked to the MIG (mid-income group) when they are taking loans on renovations or fresh constructions. For the low and medium income groups, the government reduces the cost by 1-2.3 lacs. The scheme aims to provide 18 million homes to the urban population, and 30 million homes to the rural population in India by 2022.
If you think that you can reap the benefit from PMAY if you have small accommodation, you are wrong. You can buy a villa or a bungalow and take loans of 1 crore as well. The construction and selling of big and expensive houses will boost the real estate market & the sale of real estate complexes and will help contribute to the nation’s GDP too. Hardeep Singh Puri, the current Union Minister of State with Independent Charge in the Ministry of Housing and Urban Affairs says that the scheme will be quite successful in both rural and urban areas and will be able to meet the targets much before 2022. The scheme is on its way to meet the target to deliver 1 crore housing accommodations to the people by the end of next year, that is, by 2019. However, there are a number of hurdles coming on the way of PMAY like the forceful evictions of people under HLRN or Housing and Land Rights Network.