PMAY-U sanctioned 30.76 Lakh Houses across all Verticals
While inaugurating the National workshop on Accelerating Implementation of Urban Missions: PMAY (Urban) and Swachh Bharat mission(Urban), Hardeep Singh Puri, Minister of State (I/C) Ministry of Housing and Urban Affairs shared the progress that the government has made through Pradhan Mantri Awaas Yojana (PMAY-U) on the affordable housing front since its launch on 25th June, 2015. He informed that since the launch, PMAY-U sanctioned 30.76 Lakh Houses across all verticals. At present, 15.65 lakh houses have been grounded and are at various stages of construction and about 4.13 lakh houses have been constructed since the launch of the mission. Puri observed that the local demand for housing is pegged at around 12 million. He informed that the government has endeavored a number of measures like infrastructure status to affordable housing, direct tax benefits under Section 80-IBA of the Income Tax Act, relaxation in FDI and ECB proposals, reduction in holding period for long-term capital gain benefits and standardized usage of carpet area definition.
The Minister stated that the Urban India is undergoing a transition in terms of physical forms, demographic profile and socio-economic diversity. He also highlighted the important role of cities in national economic process and their global linkages demand more attention for their development. He added that it is pivotal for the States/UTs to adopt a slum free approach and comprehensively develop their cities with focus on slum redevelopment taking complete advantage of the ISSR vertical. Puri called on the states to ensure better outreach for Credit-linked Subsidy Scheme (CLSS) and focus on convergence between the banking institutions, private sector and beneficiaries.
The Ministry has recently launched the 8 PPP models for affordable housing along with the housing technology challenge to bring in the state of art innovations into the housing sector. The Public Private Partnership Models for Affordable Housing has been initiated in order to address some of the identified challenges.