‘Housing For All By 2022’ mission initiated by the Indian government in 2015 plans to fulfil a long- standing objective of our developing economy by the year 2022 when we complete 75 years of our independence, to provide access to a pucca house to all citizens. ‘Housing For All’ which is also facilitated by the Pradhan Mantri Awas Yojna (PMAY) has four major goals to achieve:
Slum rehabilitation of slum-dwellers with involvement of private developers
Affordable Housing for weaker section through credit linked subsidy scheme (CLSS)
Affordable Housing in partnership with Public and Private Sector
Subsidy for beneficiary-led individual house construction or enhancement
Through a federal grant of Rs. 1 lakh per house for Economically Weaker Sections and interest subsidy of 6.5 % on housing loans of10 year tenure under CLSS, the government plans to put the housing market throughout India on a fast-track mode. The Scheme is planned to be implemented in three phases, from April 2015 – March 2017, April 2017 – March 2019 and from April 2019 – March 2022.
Through steps such as integration of Aadhar Number and Jandhan Yojna bank account and usage of modern and eco-friendly technologies in construction, the government plans to turn the housing industry into a comprehensive well-oiled machine. Moreover, the current scheme decentralizes the power of the federal government and passes the onus onto the state governments to decide what change is needed in the central scheme’s version and its corresponding incentives to suit their terrain while also pushing them all to achieve the intended end result of constructing both urban and rural houses in the tune of crores within a 7 year period. There have been many steps initiated by the government and developers alike to achieve this mountainous task, many of which are listed below- [Read more…]