India's urban population has risen steadily over the last three decades, from 109 million in 1971 to 377 million in 2011, with over 600 million predicted by 2030.While fast urbanization and expanding cities offer a variety of possibilities, there are also drawbacks.consequences in terms of the spread of slums, expensive land, and building material pricesThis makes housing expensive for the lower half of the pyramid.Furthermore, according to Census 2011, there are 65 million slum dwellers in the 4041 statutory area.towns. This Ministry's technical committee has evaluated housing costs.During the 12th FYP era, there was an 18.78 million housing shortfall, with almost 95 percent of this housing being rented.Economically Weaker Sections (EWS) and Low-Income Sections (LIS) are expected to face a scarcity.Categorizations by group (LIG).The "Pradhan Mantri Awas Yojana (Urban) - Housing for All" urban area mission is being implemented from 2015 to 2022, and it will offer central aid to implementing agencies through States and UTs to provide dwellings to all eligible families/beneficiaries by 2022.
PMAY (U) stands for Pradhan Mantri Awas Yojana (Urban). - Except for the credit-linked subsidy component, which will be implemented as a Central Sector Scheme, the Housing for All Mission will be implemented as a Centrally Sponsored Scheme (CSS).A beneficiary family will consist of a husband and wife, as well as unmarried sons and/or girls. To be eligible for central assistance under the Mission, the beneficiary family must not possess a pucca house in his or her name or the name of any member of his or her family in any region of India.A beneficiary household will be eligible for just one benefit from any of the current choices, which include slum rehabilitation with private partners, credit-related subsidies, direct subsidies to individual beneficiaries, and affordable housing in partnership, as outlined in the PMAY (U) rules.The mission, in its entirety, went into force on June 17, 2015, and will be carried out until March 31, 2022.
As a demand-side intervention, the Mission will adopt a credit-related subsidy component to increase institutional credit flow to the housing requirements of the urban poor. On housing loans accepted by qualified urban poor (EWS/LIG) for the acquisition and building of a dwelling, a credit-linked subsidy will be offered.Beneficiaries of the Economically Weaker Section (EWS) and the Low-Income Group (LIG) seeking housing loans from banks, housing finance companies, and other such institutions will be eligible for a 6.5 percent interest subsidy for 201 years or for the duration of the loan, whichever is shorter. The interest subsidy's Net Present Value (NPV) will be computed using a 9% discount rate.The credit-linked subsidy would be accessible only for loans up to Rs. 6 lakhs, with any extra loans, if any, charged at a non-subsidized rate.The interest subsidy will be credited to recipients' loan accounts in advance. As a result of lending institutions, leading to a decrease in the effectiveness of housing loans andMonthly Instalment Equated (EMI).Interest on housing loans for purchase, construction, improvement, and extension can be claimed from the government by lower-income groups and economically disadvantaged parts.Providing housing for economically weaker sections of society is a paramount challenge forthe entire real estate companies throughout India.
Agrawal Construction Co. has been at the forefront in providing affordable housing options for the economically weaker section (EWS).Our various new housing projects such as Sage Mile Stone, Sage Sun City Phase 1, Sage Golden Springs, and Sagar Pearl Phase 2are all designed keeping in mind the necessities of people.In Bhopal, we comply with the Government’s initiative in promoting sustainable living standards for all. Our projects have residential spaces for people belonging to lower-income groups built along with the best facilities available.We are taking the work of establishing the foundation of these housing projects in synergy with the government of Madhya Pradesh under the central scheme of PMAY (U) stands for Pradhan Mantri Awas Yojana (Urban).