Under Prime Minister Awas Yojna, 32 Lakh houses constructed and delivered
As per the Housing and Urban Affairs Ministry, work of 32.07 lakh houses has been completed and delivered so far under the Pradhan Mantri Awas Yojana-Urban (PMAY-U), out of the total sanctioned 1.03 crore houses. It has also bagged the title for one of the largest housing schemes in the world.
Launched on June 25, 2015, the Pradhan Mantri Awas Yojana (Urban) Mission aims to provide housing for all in urban areas by 2022.
The scheme aims to progressively complete the construction of all houses by March 2020. Based on the project, numerous proposals were received from various States and UTs (Union Territories). A total of 1,03,22,560 houses have been sanctioned, 60,50,991 are at various stages of construction and 32,07, 573 are delivered.
A separate mechanism through creation of National Urban Housing Funds (NUHF) was approved by the Union Cabinet to mobilise resources through Extra Budgetary Resources to infuse Rs 60,000 crore for funding the scheme.
In December, a total of 6,70,239 houses were sanctioned by the Centre. Affordable housing has also been accorded infrastructure status, ensuring that developers in this segment have access to cheaper loans.
Initially, the carpet area of a housing unit was revised to up to 120 sq m and up to 150 sq m for MIG I and MIG II respectively in November, 2017 whereas in June, 2018 it was further enhanced to up to 160 sq m and up to 200 sq m for MIG I and MIG II.
In 2018, Indian Government extended the interest subsidy scheme till March 2020 for first time to urban home buyers who have an annual income between Rs 6 lakh and Rs 18 lakh.