Current Affairs » Extension of PMAY-Urban till 2024

Extension of PMAY-Urban till 2024

The Pradhan Mantri Awas Yojana (Urban) has been extended till December 2024 by the Union Cabinet. This scheme was initially planned from 2015 through 2022. 

KEY TAKEAWAYS

The originally planned deadline for Pradhan Mantri Awas Yojana (Urban): March 2022.

Revised Deadline: December 31, 2022. The government promised financial assistance until March 31, 2022, for 122.69 lakh houses.

Table of Contents

  1. Aim of Pradhan Mantri Awas Yojana
  2. Features of Pradhan Mantri Awas Yojana
  3. Reason for Extension of Pradhan Mantri Awas Yojana
  4. The Four Urban Programmes Under Pradhan Mantri Awas Yojana

Aim of Pradhan Mantri Awas Yojana

To deliver pucca houses to all qualified recipients in metropolitan areas, the program was introduced in June 2015.

Features of Pradhan Mantri Awas Yojana

  • Beneficiaries are eligible for a 6.5% interest rate subsidy on housing loans, depending on their income level. 
  • Loans can be obtained to build a home or to buy a house off the market. 
  • The maximum loan term is 20 years. 
  • Senior citizens and people with disabilities will be given preference for ground-floor accommodation. 
  • For the buildings, eco-friendly and sustainable technologies will be employed. 
  • Additionally, essential services, including water, electricity, and gas connections, will be provided.

Reason for Extension of Pradhan Mantri Awas Yojana

The Union government had recognised the issues with housing eligibility for urban people in saturation mode. PMAY-Urban was conceptualised after that. There was a demand for 100 lakh homes in 2017, but 102 lakh homes are now being built. 62 lakh of these homes have been finished. The scheme’s final phase received a request for 40 lakh of the 123 lakh dwellings. The plan has therefore been expanded to accommodate the demand.

The Four Urban Programmes Under Pradhan Mantri Awas Yojana

1. Beneficiary-Led Construction/Enhancement (BLC)

Beneficiaries might benefit from the scheme’s enhancement and new construction benefits. 

  • The benefit to specific eligible families who fall within the EWS categories is to build a new home or improve an existing house on their own to accommodate the beneficiaries who cannot utilise other aspects of the mission. 
  • Such families are eligible for central help under Rs. 1.50 lakhs for building a new home or improving an existing one.

2. In-situ Slum Redevelopment (ISSR)

On the property where the slum is located, the Indian government will collaborate with private companies to construct homes for slum residents. Rs. 1 lakh rehabilitation grant will be given for each eligible home.

3. Affordable Housing in Partnership (AHP)

Housing for the EWS category will be built as part of this program in collaboration with the public and private sectors. The government would offer up to Rs. 1.5 lakh in help to every residence. 

If at least 250 homes are in the project and at least 35% of the housing is for the EWS group, affordable housing projects will be eligible for financial help from the central government. Any other income group may live in the remaining dwellings.

4. Credit Linked Subsidy Scheme (CLSS)

Recipients of this program are eligible for an interest subsidy of up to Rs. 2.67 lakh, with details based on the beneficiaries’ income group.