• UGI USER
  • Jun 11, 2024
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PMAY TO SUPPORT CONSTRUCTION OF THREE CRORE NEW HOUSES

Why in the news?

  • Prime Minister Narendra Modi assumed office for the third consecutive term on June 10.
  • The new Union Cabinet’s first decision was to assist in constructing three crore more houses under the Pradhan Mantri Awas Yojana (PMAY).
source:geeksforgeeks

About the Pradhan Mantri Awas Yojana (PMAY):

  • Launch: Initiated in 2015 by Prime Minister Narendra Modi.
  • Implementation: Managed by the Ministry of Housing and Urban Affairs (MoHUA).
  • Objective: Provide pucca houses to urban beneficiaries by
  • Coverage: All urban areas, including statutory towns and notified areas.
  • Extension: Continued until December 2024.
  • Funding: CLSS as Central Sector Scheme; others as CSS.
  • Amenities: Toilet, water, electricity, kitchen.
  • Empowerment: Ownership for women, preferences for vulnerable groups.
  • Approach: Tailored to geographical and economic conditions.
  • Expansion of the Pradhan Mantri Awas Yojana (PMAY):
  • The decision aims to provide assistance for building additional houses in both rural and urban areas.
  • This expansion targets three crore new households, enhancing the housing initiative’s reach.
About the four components of PMAY:

●     In-situ Slum Redevelopment(ISSR): Redevelops slums using land, providing pucca houses with amenities.

●      Affordable Housing in Partnership(AHP): Central assistance for affordable housing for EWS/LIG/MIG categories in partnership with private/public entities.

●     Credit Linked Subsidy Scheme(CLSS): Interest subsidy on home loans from PLIs; subsidy ranges from 3%-6.5%.

●     Beneficiary Led Construction(BLC): Central assistance for eligible beneficiaries to construct or enhance their own houses.