In a recent development, the Narendra Modi-led Union Government has directed all the States to avail sanction of all pending approvals under the Pradhan Mantri Aawas Yojna [PMAY] by March next year.
Hardeep Singh Puri, the Minister for Urban and Housing Affairs said that the Government aims to build 1.2 crore housing units by 2022. .
The Union Government has already approved Rs 1.46 crore to build 93 lakh dwelling units. According to an estimate, the Government is likely to sanction 1.2 crore houses and will commence the construction of approximately 75 lakh units by March 2020.
By far, the construction of 50 lakh residential units is completed and nearly 45 lakh dwelling units are ready for possession.
Earlier in October, Hardeep Singh Puri, the Minister for Housing and Urban Affairs said that all the beneficiaries will get the possession of 1.12 crore dwelling units constructed under the Pradhan Mantri Awas Yojana (Urban) by early 2021.
He further said that till now the Government has approved approximately 90 lakh residential units that are also funded by the MoHUA i.e. the Ministry of Housing and Urban Affairs. This figure is likely to witness an escalation upto 1.12 crore houses in six months, which is the target set under PMAY(U).
While considering the work progress, the Housing Ministry is also confident to meet the target even before the deadline of ‘Housing for All by 2022’.
In an interview Hardeep Singh Puri, Union Housing Minister said, by March 2020, all the 1.12 crore houses will be sanctioned and 75 lakh houses will be grounded. Fifty lakh houses will be completed and 40-45 lakh houses occupied by beneficiaries in the next five to six months. We are fully confident that by early 2021, all houses will be occupied by beneficiaries.
As per the Union Housing Ministry, the construction of 27.17 lakh dwelling units is completed and 24.75 lakh houses have been occupied by the beneficiaries till now.
The Pradhan Mantri Aawas Yojna is structured to have four components including Credit Linked Subsidy Scheme’ (CLSS), In Situ Slum Redevelopment (ISSR), Affordable Housing in Partnership (AHP) and Beneficiary Led Construction (BLC) and the Government offers financial assistance under all these schemes for the construction of dwelling units.
The Minister informed that till now the Government has sanctioned 18,458 crore credit-linked subsidy to approximately 7.18 lakh beneficiaries. The minister was also quoted saying, around 13.94 lakh houses are being constructed using new technologies under Pradhan Mantri Awas Yojna (Urban). Out of 18,458 crore credit link subsidy, 13,056 crores has been released for beneficiaries of EWS and LIG categories. Apart from this, a 5,401 crore subsidy has been released for the middle-income group (MIG).
The Central Government provides an interest subsidy of approximately Rs 2.67 lakh on home loans to the individual that diminishes the principal outstanding amount of the loan, under the CLSS scheme. He further said that till now the Government has sanctioned 79,716 crores as financial assistance under the PMAY (U) and Rs. 57,870 crore has been released also.