Logo
Govt of India
Logo
bg
bg
bg

 

PM Awas Yojana: Realtors hail increase in carpet area for houses; stocks up

17 Nov 2017

The Centre on Thursday approved the enhancement of the carpet area of houses for the middle-income group (MIG) category under the Pradhan Mantri Awas Yojana- Urban (PMAY-U).

Under the MIG-I category, the carpet area of the houses has been enhanced from 90 sq.mtr to 120 sq.mtr, while under the MIG-II segment, it has been increased to 150 sq.mtr from the current 110 sq.mtr, Union minister Ravi Shankar Prasad told reporters while briefing them about the Union cabinet decisions.

Under the MIG-I category, a four-per cent interest subsidy is provided to the beneficiaries, whose annual income is between Rs 6 lakh and Rs 12 lakh, on a loan of up to Rs 9 lakh. Similarly, under the MIG-II category, the beneficiaries with an annual income of Rs 12 lakh to Rs 18 lakh get an interest subsidy of three per cent on a loan of up to Rs 12 lakh.

Under the PMAY-U, the Centre aims to provide houses to all the urban poor by 2022. Currently, the shortage of houses is pegged at over 10 million in the urban areas. An official said many people were not opting to buy houses under the scheme as the previous carpet area did not seem very attractive to them. Now that the carpet area had been increased, more people would come forward to avail of the benefits, he said, adding that the Centre was expecting an enhanced expenditure of about Rs 1,000-1,200 crore because of the decision.

National Real Estate Development Council (NAREDCO) Chairman Rajeev Talwar and President Niranjan Hiranandani said the decision would help meet the aspiration of millions of home buyers in the MIG category.

The decision, besides helping in clearing the unsold stock, would also encourage the developers to launch new projects, which in turn would boost the economy, GDP growth and employment opportunities, they said, adding that the move would now bring the entire demand for affordable housing under the interest subvention scheme.

Confederation of Real Estate Developers' Associations of India (CREDAI) President Jaxay Shah said, "Housing for All by 2022 has taken a huge leap forward thanks to the increase in the unit size of MIG houses under the Credit Linked Subsidy Scheme. "The average middle-class in smaller towns and cities will now be able to afford bigger and better quality homes."

Under the PMAY-U, the Centre aims to provide houses to all the urban poor by 2022. Currently, the shortage of houses is pegged at over 10 million in the urban areas. The housing and urban affairs ministry is implementing the Credit Linked Subsidy Scheme for Middle Income Group (CLSS for MIG) under the PMAY-U since January 1 this year. The scheme is currently effective till March 31, 2019.

After the approval Godrej Properties and Indiabulls Real Estate Ltd were up more than 4 pct each while Sobha Ltd , Prestige Estates and Brigade Enterprises Ltd rose over 3 per cent each. Cement stocks such as Ambuja Cements Ltd and UltraTech Cement Ltd climbed over 1 pct each on likely demand boost from the approval, analysts say. Nifty realty index has risen about 83 pct this year up to Thursday's close.

Lotus Homz sec 111

Discuss on this Topic

Lotus Homz sec 111

Latest Real Estate News


Do Co-living Startup are Big Threat to PG/Guest House/Budget Hotels in India? 01 May 2019
Do Co-living Startup are Big Threat to PG/Guest House/Budget Hotels in India? By Sanjay Bansal Founder & CEO AHI Realty/AffordableHomesIndia Gur Read More
The Financial Express: Co-living the next real estate goldmine, market potential worth $93 billion: Study. 14 Feb 2019
What co-working is doing to business centres through collaborative and flexible work environment, co-living aims to do to PGs and hostels for stude Read More
Indiabulls Real Estate buys 140 acre land in Gurugram 01 Nov 2018
Indiabulls Real Estate recently reported a 23 per cent increase in its consolidated net profit at Rs 75.91 crore for the quarter ended September 30 Read More
Warehousing brings cheer to Gurugram’s real estate sector 11 Sep 2018
The warehousing segment may lack the charisma that a posh residential property may boast of but currently it is driving the real estate market in r Read More
Transfer EWS homes to housing board, builders told 11 Sep 2018
GURUGRAM: The state government has directed all developers to transfer their inventory of EWS houses to the state housing board in a bid to make th Read More
Realtors in Delhi may sell dreams on land they don't have 09 Sep 2018
Now that the policy is official, real estate experts worry that more builders may try their luck at shortchanging potential buyers and offering the Read More
Apathy floors affordable home aspirants 24 Jul 2018
While the sound bites on affordable homes is through the roof, things have not got off the floor Many Indians face untold hardships due to lack Read More

Trending News


Get your home custom-made the way you want In Gurgaon. 16 Sep 2017
PAREENA Developers offering an option to get one’s home custom-made the way one desires. Customisation in India is no more restricted to Read More
Governor wants to know why UP ignored PM Modi's housing scheme 03 Sep 2016
LUCKNOW: Governor Ram Naik on Friday wrote to CMAkhilesh Yadav expressing his dismay over UP not sending any proposal for Centre's housing scheme for Read More
Shri Khatu Shyam ji, Sikar,Rajasthan 18 Jun 2017
In Hindu mythology, Khatushyamji is a name and manifestation of Barbarika, son of Ghatotkacha. Barbarika had obtained a boon from Lord Krishna that Read More
Real estate developers tap social media to attract potential home buyers 05 Oct 2016
NEW DELHI: Realty developers have started using social media to reach out to potential customers as selling apartments online in large numbers may con Read More
Huda promises master roads for new sectors by December 26 Aug 2016
  Gurgaon: Huda is looking at to quick completion of master road of new sectors along Southern Peripheral Road (SPR) and Northern Peripher Read More
India's real property quarter is again rising as key hub for investment: CBRE 21 Jul 2016
New delhi: india's actual property is back at the radar of worldwide traders and institutions with the u . S . A . Emerging as the other sizable inves Read More
Indiabulls Housing Finance raises 7,000 crore via bonds 17 Sep 2016
MUMBAI: Top-rated Indiabulls Housing Finance has foreclosed its public bond sales on Friday, the second day since its opening as institutions rushed t Read More

Pareena Laxmi Sec 99

Zara Rossa

Lotus Homz Affordable Housing

Shree Vardhman Green Court

Value Added Services

 

Government Housing Scheme

 

Banking

  • Prime Minister Awas Yojana
  • Prime Minister Awas Yojana ( Gramin )
  • Samajwadi Awas Yojana
  • Deen Dayal Jan Awas Yojana
  • Mukhya Mantri Awas Yojna Rajasthan
  • Affordable Housing Policy 2013
  • Smart Cities Mission
  • DDA Land Pooling Policy 2018

Banking Partners

 

HDFC

  • Corporation Bank
  • HDFC
  • IDBI Bank
  • LIC Housing Finance
  • Oriential Bank of Commerce
  • Reliance Home Finance
  • Bank of Baroda
  • SBI Home Loan
  • ICICI Bank Home Loan
  • India Bulls Home Loan
  • Axis Bank
  • PNB Housing Finance