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Carpet Area for Urban Houses Increased by 33% Under PM Awas Yojana

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In a press release, the Housing and Urban Affairs (HUA) Ministry said under the Pradhan Mantri Awas Yojana-Urban (PMAY-U), the carpet area for houses was increased by 33 percent.

Carpet Area for Urban Houses Increased by 33% Under PM Awas Yojana

PMAY is the affordable housing scheme introduced by the government that allows interest subsidy, where each beneficiary can avail a subsidy of up to Rs 2.35 lakh on purchase of a house under Credit Linked Subsidy Scheme (CLSS).

 

In order to attract more numbers, the HUA ministry said in a statement, "In a major decision to boost Affordable housing, the Ministry of Housing & Urban Affairs, has approved the revision of the carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the Middle-Income Group (MIG) under Pradhan Mantri Awas Yojana (Urban) in respect of MIG I from "up to 120 square metre" to be increased to "up to 160 square metre" and, in respect of MIG II from "up to 150 square metre" to "up to 200 square metre".

It further said that the new rules were effective from 1 January 2017 (the date of the scheme's launch).
The new change is also expected to "boost the construction sector that contributes to increased activity on the supply side," the statement said.

Read more about: pmay pradhan mantri awas yojana
Story first published: Wednesday, June 13, 2018, 12:04 [IST]
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