PMAY Urban 2.0 Scheme: The Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 was approved by the Union Cabinet last week. According to a press release, the program intends to build one crore residences for urban poor and middle-class families for the next five years, with a government subsidy of Rs 2.30 lakh crore and an investment of Rs 10 lakh crore.
“Marginalized groups, such as slum dwellers, SC/STs, minorities, widows, people with impairments, and other disadvantaged segments of society, would receive extra attention. Additionally, according to the PM India website, “groups like Safai Karmi, street vendors, artisans, Anganwadi workers, and residents of slums/chawls will receive focused support under this scheme.”
Cash App Settlement Eligibility: How You Can Get a $2,500 Payment from Cash App
These people are eligible to take the benefit of the scheme:
1- Families who belong to the economically weaker section (EWS)
2- Low-income group (LIG)
3- Middle-income group (MIG) segments
4- Do not currently own a pucca house anywhere throughout the country
EWS: Income should not be more than Rs 3 lakh per annum.
LIG households with an annual income between Rs 3-6 lakh; and MIG households with a yearly income between Rs 6-9 lakh.
According to the PM India website, the Scheme aims to meet the affordable housing needs in metropolitan areas through the following verticals:
Families on the EWS would get money to help them build new homes on land that they don’t currently live on. People who don’t own land can also get land rights (pattas) from the states or UTs.
Record 7.28 Crore ITRs Filed for AY 2024-25 till July 31; 72% Taxpayers Opt for New Tax Regime
This segment gives EWS recipients financial support to purchase homes built in collaboration with cities, states/UTs, governmental, and private organizations. Projects utilizing cutting-edge construction technology will be eligible for additional grants, such as the Technology Innovation Grant (TIG), which is worth Rs 1,000 per sqm/unit.
The primary objective of the ARH (Affordable Rental Housing) vertical is to develop rental housing specifically for urban migrants, working women, industrial workers, and other eligible recipients. Two key plans will be used to make this happen: building new rental homes and using existing, funded homes that aren’t being used will be used. A Technology Innovation Grant (TIG) of Rs 3,000 per square meter will also be given to projects that use new technologies as part of this program.
For EWS/LIG and MIG families, the ISS vertical provides a 4% interest discount on housing loans up to Rs 25 lakh. There would be five annual instalments for the subsidy, with a maximum subsidy of Rs 1.80 lakh.
This website uses cookies.