Government of India has taken numerous initiatives under PMAY to provide affordable housing to all Indian citizens. This drive primarily targets the urban poor who do not have any dwelling place as well as the rural poor who are not living in a house made of brick and mortar (pucca house).
The CLSS segment of PMAY offers home loans with subsidised interest rate. Borrowers can avail subsidies up to 6.5%.
Statistical data on the progress of the urban wing of this initiative are listed underneath. Known as PMAY-U, its success is estimated around 10% as of yet.
- Divided into 3 phases, the first phase till 2017 aimed to cover 100 cities. The next phase had a target to cover 200 cities by 2019 and the remaining by 2022.
- As of 2019, 83.63 lakh houses were sanctioned. Of this, 26.08 lakh were already completed with 23.97 lakh already being occupied.
- The total amount of investment estimates to more than Rs.4.9 lakh crore.
- Of the total estimation, as of 2019, the government had already released Rs.51,000 crore.
The rural wing of PMAY is known as PMAY-G. The overall success in providing affordable housing under this section is estimated to be roughly around 57.5%. Other related details are mentioned below –
- Beneficiaries living in the plains are offered Rs.1.2 lakh for construction.
- Those living in hilly or other difficult terrains are offered Rs.1.3 lakh for the same.
- More than 1 crore houses have already been sanctioned across the country.
- Individuals under BPL, scheduled castes and tribes, freed bonded labourers, next of kin of ex-servicemen, etc. are eligible.
Considering the high number of households without a house in India, the initiative has been comparatively successful. There are several key benefits of Pradhan Mantri Awas Yojana Gramin, which make it lucrative for new homeowners.
