Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

New Delhi, Construction of two crore more houses will be done under the Pradhan Mantri Awas <keyword id="19955331" type="General" weightage="20" keywordseo="yojana" source="keywords">Yojana</keyword> (<keyword id="20414289" type="General" weightage="20" keywordseo="gramin" source="keywords">Gramin</keyword>) in the next five years, <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Thursday. Presenting a vote on account or an interim budget for 2024-25, she said the implementation of the Pradhan Mantri Awas Yojana (PMAY) continued despite the COVID-19 pandemic, and the target of constructing three crore rural houses will be met soon. "Despite the challenges due to COVID-19, the implementation of the Pradhan Mantri Awas Yojana (Gramin) continued, and we are close to achieving the target of three crore houses," <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> said. "Two crore more houses will be taken up in the next five years to meet the requirement arising from the increase in the number of families" she said in her pre-election budget . The PMAY(G) is a social welfare programme to provide housing for the rural poor in the country. Under the scheme, an assistance of Rs 1.20 lakh is given in plain areas and Rs 1.30 lakh in hilly areas. The cost of the scheme is borne by the central government and a state government in a 60:40 ratio.

2 crore more houses to be constructed under PMAY(G) in next 5 years: FM

Introduced by the Ministry of Housing and Urban Poverty Alleviation in June 2015, <keyword id="2910604" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Awas-Yojana">Pradhan Mantri Awas Yojana</keyword> (PMAY) is a <keyword id="3269615" type="PERSON" weightage="20" keywordseo="Credit-Linked-Subsidy-Scheme">Credit Linked Subsidy Scheme</keyword> for realizing the objective of <keyword id="2481158" type="PERSON" weightage="20" keywordseo="Housing-for-All">Housing For All</keyword>. The scheme seeks to provide loans on highly subsidized interests to meet the purchase, construction, extension, and improvement of the houses by three categories of people namely Economical Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG). The main objective of the PMAY scheme is to make housing loan affordable to all. The value of the subsidy depends on the category of income that the customer belongs to and the size of the property that is being financed. The benefits given for the different income groups are as follows: EWS/LIG category LIG (Lower Income Group and EWS (Economically Weaker Section) categories can be understood as those households whose annual income falls between Rs. 3 lakhs and Rs. 12 lakhs. The beneficiaries in this group are eligible to receive a maximum interest subsidy of 6.5%. To avail of this facility, it is mandatory that the building constructed or purchased must not exceed the carpet area of 60 square meters or 645.83 square feet (approx.). The interest subsidy will be given to a maximum loan amount of Rs. 6 lakh. In the year 2017, this scheme was extended to cover the middle income groups (MIG-1 and MIG-2) as given under. MIG 1 category MIG 1 category refers to those households whose incomes is more than Rs. 6 lakhs per annum, but does not exceed Rs. 12 lakh. The beneficiaries falling under the MIG- 1 category are eligible to receive a maximum interest subsidy of 4 % under the condition that the building constructed or purchased under this scheme does not exceed the carpet area of 160 square meters or 1,722.23 square feet (approx.). This maximum amount of loan that can be given under this subsidized interest is Rs. 9 lakh with a tenure of up to 20 years. MIG 2 category MIG 2 category refers to the category of households that have an annual income above Rs. 12 lakh but below Rs. 18 lakhs. The beneficiaries under this scheme are eligible for a maximum interest subsidy of 3%. The scheme mandates that the houses purchased or constructed under this scheme must not exceed a carpet area of 200 square meters or 2,152.78 square feet (approx.). The upper limit placed on the loan under this kind of subsidized interest is Rs. 12 lakh with a tenure of up to 20 years. Pradhan Mantri Awas Yojana Eligibility It is mandatory that the beneficiary family must not own a pucca house in the name of any of the family members in any part of the country. When a married couple applies for this loan, either one of the spouse or both the people together (joint ownership) are eligible for a single subsidy. The beneficiary family must not have received any kind of assistance from the central government under any other housing scheme of any benefits given under the PMAY.

What is the eligibility for Pradhan Mantri Awas Yojana scheme?

New Delhi, Dec 30 () Fitch Solutions on Monday said it expects the country's residential and non-residential buildings sector to expand by 6.6 per cent, in real terms, next year, driven by fiscal support and a continued focus on the provision of affordable housing in urban areas.
 "Short-term expansion of India's building sector will be driven by a mixture of fiscal support and government policies supporting the housing market, as well as heightened activity within the logistics, retail and industrial buildings sectors," it said in a statement.
 Long-term growth, on the other hand, will mainly be driven by country's massive population, which requires continued investments into residential building construction sector, the statement said.
 Instances of stalled housing projects have been on the rise over the course of 2019, due to a credit crunch sparked by a series of defaults by non-bank financial companies, resulting in a decreased access to funding for both developers and homebuyers.
 In response, the government "approved a Rs 10,000 crore package in November 2019 aimed to aid stalled housing projects, with an additional Rs 15,000 crore to be contributed by state-run financial institutions."
 With funds more readily available, it expects a portion of stalled housing projects to resume construction, and this will feed into its forecasts for India's buildings sector growth in the short term.
 Opportunities in the construction of affordable housing units will remain strong over the coming years, driven by Prime Minister Narendra Modi's Pradhan Mantri Awas Yojana (Urban) initiative.
 Introduced back in 2015, Pradhan Mantri Awas Yojana aims to provide affordable housing to all urban poor by 2022, targeting more than 4,000 towns handpicked by the government.
 To provide financial support to homebuyers, various complementary schemes, such as the credit-linked subsidy scheme, were introduced alongside Pradhan Mantri Awas Yojana.
 "Though PMAY(U) is expected to boost growth of the residential buildings sector, we believe the government is unlikely to achieve its goal within the stated time frame due to the continued growth of India's urban population, which creates a greater demand for affordable housing, as well as delays in land acquisition and construction," it said.
 It further said that the "PMAY(U)-related construction is expected to carry on beyond 2022, contributing to growth of the residential buildings sector in the short to medium term".
 On a separate note, there exists a considerable amount of unsold housing inventory, mostly medium to high-end luxury units in urban areas that will limit the growth potential of the high-end residential buildings sector, it noted. SID DRR

India's buildings sector to expand by 6.6 pc next yr driven by fiscal support, govt policies: Fitch

During his election rallies, Prime Minister Modi had promised people that everyone would have a house to live in, under the project “Housing for All” which was targeted to be completed by 2022. Soon enough, his government moved in to fulfil the promise, but the 2.45 lakh constructed houses that are lying vacant all over India stand mocking both the PM and his promise. 
 
Out of the top 5 states that house constructed but vacant low-cost houses, we have Modi's home state Gujarat, along with BJP-ruled Maharashtra and Madhya Pradesh, as well as Delhi and Andhra Pradesh. 
 These low-cost houses were constructed under different urban housing schemes and were sanctioned under <keyword id="6412957" type="ORGANIZATION" weightage="100" keywordseo="Jawaharlal-Nehru-National-Urban-Renewal-Mission">Jawaharlal Nehru National Urban Renewal Mission</keyword> (<keyword id="6455794" type="ORGANIZATION" weightage="100" keywordseo="JNNURM">JNNURM</keyword>) and <keyword id="119473" type="PERSON" weightage="100" keywordseo="Rajiv-Awas-Yojana">Rajiv Awas Yojana</keyword> (RAY). As per the latest statistics of the ministry of housing and urban poverty alleviation, 14 lakh low-cost houses were sanctioned under these two major schemes, out of which only 8 lakh were built. Of this 8 lakh houses, 2.45 lakh houses are still to find residents. 
 Both the housing schemes were merged to launch the <keyword id="2910604" type="UNKNOWN" weightage="100" keywordseo="Pradhan-Mantri-Awas-Yojana">Pradhan Mantri Awas Yojana</keyword> under which, the government aims to build 2 crore low-cost houses, including 14 lakh for slum redevelopment dwellings. 
 
<a href="https://cdn-images-1.medium.com/max/800/0*_yeGeCFgG79vwsBM.jpg">Image source</a>

What housing boom? 2.45 lakh houses lying vacant in India

New Delhi, Jan 23 () Industry chamber CII on Thursday urged the government to increase tax benefits for home buyers to boost demand in the liquidity-hit real estate sector.
The chamber said that in order to meet a minimum GDP growth target of 6 to 7 per cent, it is important to have a definitive plan for boosting the demand in the sector.
The sector needs more liquidity support and steps to boost demand, the it said in a statement.
"CII has urged the government to Increase the tax benefits to home buyers and extend income limit under Pradhan Mantri Awas Yojana to boost demand in the sector which is battling stress and liquidity issues for the past year," it added.
It has also proposed a focused action plan to boost the sector as part of its pre-budget suggestions.
The chamber called for additional tax benefits to home buyers to boost the demand.
"The maximum available deduction on interest payment of home loan taken for all the property/(ies) should be increased from Rs 2,00,000 to Rs 5,00,000," it said.
The government should also consider increasing the income criteria under PMAY scheme to Rs 18 and 25 lakh from the current Rs 12 and 18 lakh in the MIG I and ll categories, respectively.
"This would allow a wider section of the society to benefit from the scheme pushing demand," it said.
Further, CII said granting infrastructure status to integrated townships and overall housing sector, would help developers access priority funding at a lower cost. RR
BAL

CII for higher tax benefits for home buyers to boost demand in real estate sector

New Delhi, Nov 17 () Nabard has headroom to raise about Rs 35,000 crore from the market during the remaining months of the current fiscal to fund its business growth and also support various agricultural and rural development schemes of the government, a top official said.
 "So far we have raised Rs 20,000 crore and remaining Rs 35,000 crore can be raised depending on demand and requirement," Nabard Chairman Harsh Kumar Bhanwala told .
 This includes Extra Budgetary Resources (EBR) borrowing for various flagship schemes of the government, he added.
 The National Bank for Agriculture and Rural Development (Nabard) raises funds through long term bonds, usually of 10-15 years tenures.
 Last financial year, Nabard raised a total of Rs 56,069 crore through non-convertible debentures, of which Rs 33,169 crore was for government schemes and the remaining for the organisation's own funding requirements.
 Some of the government schemes financed by Nabard include Swachh Bharat Mission, Pradhan Mantri Awas Yojana and Pradhan Mantri Krishi Sinchai Yojana.
 In 2018-19, Nabard's loan portfolio grew nearly 22 per cent to Rs 4.32 lakh crore. Assets under management of the bank were at Rs 4.87 lakh crore at the end of March 2019, up 20 per cent since March 2018.
 Bhanwala also said Nabard's Self Help Group - Bank Linkage Programme (SHG-BLP), benefiting millions of rural women, will soon move to a digital platform which will revolutionise lending to women SHGs. DP ABM

Have headroom to raise Rs 35,000 cr from market: Nabard chief

New Delhi, Jan 17 () Progress across major development schemes in India, including education, health and nutrition among others, remains constrained due to sub-optimal utilisation of available funds, especially at the district level, according to a recent study by Tata Trust.
The study by Tata Trust and Centre for Budget and Governance Accountability (CBGA) stressed that India needs to improve utilisation of budgetary resources, across all levels of governance, given the limited fiscal space available to the government.
"Progress across major development schemes in India, including education, health and nutrition, water and sanitation, agriculture and rural development, livelihood, among others, remains constrained due to sub-optimal utilisation of available funds, especially at the district level," Tata Trust said in a statement.
According to statement, pressing challenges related to staff shortages, their capacity, transparency and
accountability in public financial management, monitoring have not received adequate attention.
"These need to be addressed urgently. There are also concerns with respect to the quality in fund utilisation across schemes," it said.
The 2-year study focused on ten social sector schemes including Sarva Shikshya Abhiyan (SSA), Mid-Day Meal (MDM), National Health Mission (NHM), Integrated Child Development Scheme (ICDS) and Swachh Bharat Mission (SBM).
 Other schemes included National Rural Drinking Water Programme (NRDWP), Mahatma Gandhi National Rural Employement Guarantee Scheme (MGNREGS), National Social Assistance Programme (NSAP), Pradhan Mantri Awas Yojana (PMAY), Pradhan Mantri Fasal Bima Yojana (PMFBY) and Rashtriya Krishi Vikas Yojana (RKVY) in five districts across of Balasore and Bolangir in Odisha, Chandrapur in Maharashtra, East Singhbhum in Jharkhand, and Krishna in Andhra Pradesh. BKS MKJ

Progress of top development schemes remains constrained in India: Study

<ul><li>Prime Minister Narendra Modi may expand his pet project for affordable housing. </li><li>Government plans to rent out single room houses to migrant labourers in cities with income less than ₹300,000 a year.</li><li>The new proposal in consideration before the upcoming budget may be linked to an ongoing housing scheme. </li></ul>The Modi government is coming up with a new housing plan to provide rented single room tenements to families of migrant labourers, in big urban centres. This can help address the issue of burgeoning slums in urban centres. For this, the Ministry of Housing and Urban Affairs and the Ministry of Labour will work jointly, as <a href="https://economictimes.indiatimes.com/news/economy/policy/rented-houses-for-migrant-labourers-in-metros-soon/articleshow/69834563.cms?utm_source=ETMyNews&amp;utm_medium=HPMN&amp;utm_campaign=AL1&amp;utm_content=20">reported by the Economic Times (ET)</a>, weeks before the upcoming Union Budget for 2019-20. The scheme would address the problem of growing slum settlements and the aspirations of lower income groups to live in a ‘pucca’ house with basic life living facilities. Beneficiaries of the scheme would be families with income of ₹300, 000 or less. Pushing forward its ‘Housing for all’ scheme, the government has planned to link the new housing plan with the existing one that is called the <keyword id="2910604" type="PERSON" weightage="20" keywordseo="Pradhan-Mantri-Awas-Yojana">Pradhan Mantri Awas Yojana</keyword> (PMAY). The scheme is designed such that urban local bodies will first register families with an annual income of ₹300,000 or less and then distribute rent vouchers to them. The tenant would then give those vouchers to the owner of the house, which in this case would be the housing board. A labour cess fund may also be used as capital to initiate the project. “The scheme would be driven by our ministry and housing boards would be roped in to construct economical houses,” the <a href="https://economictimes.indiatimes.com/news/economy/policy/rented-houses-for-migrant-labourers-in-metros-soon/articleshow/69834563.cms?utm_source=ETMyNews&amp;utm_medium=HPMN&amp;utm_campaign=AL1&amp;utm_content=20">Economic Times</a> reported citing sources. There is another model which allows private sector firms to construct these houses and use a percentage of area given to them for commercial purpose. But rental policy in housing for all would primarily be working through housing boards. In case of a private developer, the rent vouchers would be redeemable at any citizen service bureau, the ET report said. SEE ALSO: <a href="https://www.businessinsider.in/union-budget-and-triple-talaq-are-among-key-bills-as-the-first-session-of-indias-new-parliament-rolls-on/articleshow/69821460.cms">Union Budget and Triple Talaq are among key bills as the first session of India's new Parliament rolls on</a>

Indian government may offer homes on rent to migrant labourers in metro cities

New Delhi, Feb 24 () Union Steel Minister Dharmendra Pradhan on Monday urged Japanese investors to invest in India's steel sector, saying the country offers a fast-growing market and steel consumption will more than double in the coming years. Pradhan also assured investors that India will provide necessary support to facilitate them in setting up businesses. He was speaking at a 'Workshop on Enabling Procedures for Increase of Steel Usage for the Growth of Economy' event organised by jointly ministry of steel, industry body CII and Ministry of Economy, Trade and Industry, Japan. "We are here to discuss topics such as increase of steel usage in India, market in India, economic growth. ... we (India) aim to become a USD 5 trillion economy by 2024-25. India would spend about Rs 100 lakh crore on infrastructure. All this will result in increased use of steel," he said while addressing the participants. Indian steel sector is a fast-growing steel market, he said adding that besides setting up 300 steel making capacity by 2030, the country is also aiming to increase its per capita steel consumption to 160 kg from about 70 kg at present. By 2022, he said, government's ambitious housing scheme Pradhan Mantri Awas Yojana will be completed. Steel in huge quantity will be required to build the houses under the scheme. "We (India) also aim to set up new gas pipeline of 14,000-km in next 3 years. Our aim is to to provide piped water to every household. So there are lot of areas where steel finds application," he said. Railways, highways, roadways and bridges are another key focus area of the government where steel will be required in huge quantity, Pradhan said. "All these areas will require different grades of steel and Japan which is a master in technology can explore business opportunities in our steel sector," he said while assuring them full government support in setting up businesses in India. ABI DRR

Steel Minister seeks Japanese investment in fast-growing Indian steel market

The Indian <keyword id="80584" type="General" weightage="20" keywordseo="steel-sector" source="Orion">steel sector</keyword> has enjoyed a multi-year demand surge which will continue in the current FY'24 but it is expected to moderate in the coming fiscal, global analytics company Crisil said. The sector has witnessed double digit demand growth rate of 11 to 13 per cent during three consecutive years and is likely to moderate to 3 to 5 per cent in FY'25, Miren Lodha, Director Research, Crisil Market Intelligence and Analytics said on Friday. "We are clearly in the midst of a demand supercycle," Lodha told PTI. The moderation is likely in the long <keyword id="34570" type="General" weightage="20" keywordseo="steel" source="Orion">steel</keyword> segment in FY'25 ahead of the general election. The only other instance of such a demand surge in the last two decades was between 2006 to 2008, he said. Lodha said the <keyword id="17408" type="General" weightage="20" keywordseo="infrastructure" source="Orion">infrastructure</keyword> sector, a key driver of the steel demand, is expected to maintain its momentum fuelled by ongoing government projects. The infrastructure segment has been driving a lot of momentum in the steel demand and is expected to continue in the coming years. However, government schemes like the Pradhan Mantri Awas Yojana are nearing conclusion, which could slow down the demand momentum in the steel sector, he said. Lodha said the recent surge in steel imports, which has been prompted by lower Chinese prices and strong Indian demand, has raised concern among the domestic manufacturers. "The disparity between import and <keyword id="124052" type="General" weightage="20" keywordseo="domestic-prices" source="Orion">domestic prices</keyword> has triggered significant imports," he elaborated. But it will self correct in the long run with the ongoing capacity addition. "New steelmaking capacity of 12-13 million tonnes is expected to come online in the second half of fiscal 25, aligning production with demand and reducing import dependence," Lodha said. Additionally, the potential demand improvement in China after the Lunar New Year coupled with expected production cuts, could further curb Chinese exports to India. Overall the Indian steel sector's outlook remains positive, albeit with a projected dip in demand next year. The industry's focus will be on ramping up domestic production and tackling import concerns to maintain a robust long-term growth, he added.

Indian steel demand boom to continue this fiscal : Crisil

<ul><li>Prime Minister meets top party leaders. finance ministry bureaucrats. </li><li>Government plans to make India a $5-trillion economy by 2024. </li><li>FM Nirmala Sitharaman to meet PM on Thursday, to discuss GDP growth. </li></ul>Prime Minister Narendra Modi is busy brainstorming with senior party leaders and top bureaucrats, ahead of Union <keyword id="6147670" type="UNKNOWN" weightage="20" keywordseo="budget-2019">Budget 2019</keyword>. On Tuesday, PM held a meeting with top officials in finance and other key ministries, to finalise its priorities. The PM is set to interact with economists, bankers and sectoral experts through the week to gain insights on pressing issues in agriculture, reform and effective implementation of signature schemes and projects. A five-year plan for the government to make India a $5-trillion economy by 2024, was cleared in Tuesday’s meeting, as per <a href="https://www.business-standard.com/article/budget-2019/pm-narendra-modi-starts-pre-budget-meets-to-brainstorm-on-economy-119061900058_1.html">Business Standard</a>. The meeting was attended by all the five secretaries of the finance ministry besides top officials across ministries, along with government think tank NITI Aayog. Pet Projects The course of PM’s pet projects like doubling farmers’ income by 2022, PM-Kisan, Pradhan Mantri Awas Yojana, Piped Water For All, and Electricity For All were also discussed, as reported by <a href="https://www.livemint.com/budget/news/pm-modi-brainstorms-with-key-secretaries-to-finalize-100-day-agenda-1560869743468.html">The Quint</a>. Yet another meeting is to be held on Thursday. It will be attended by <a href="https://www.business-standard.com/topic/finance-minister">finance minister</a> Nirmala Sitharaman, finance secretary Subhash Chandra Garg, revenue secretary Ajay Bhushan Pandey, along with chief economic advisor Krishnamurthy Subramanian, along with others. The focal point of all the meetings is to draw a road map for reform across departments, including ease of doing business<a href="https://www.business-standard.com/topic/economic-growth">.</a> Stepping up government revenues while carrying out reform <a href="https://www.businessinsider.in/budget-2019-cues-how-indian-economy-can-grow-at-10/articleshow/69767988.cms">to push GDP growth</a>, which slipped to a five-year low of 6.8% in 2018-19, is also a key discussion point, sources <a href="https://www.livemint.com/budget/news/pm-modi-brainstorms-with-key-secretaries-to-finalize-100-day-agenda-1560869743468.html">told Quint</a>. The PM will also meet industry leaders including heads of state-owned banks on Friday. He will hold discussions with economists and policy experts on Saturday. See Also: <a href="https://www.businessinsider.in/union-budget-and-triple-talaq-are-among-key-bills-as-the-first-session-of-indias-new-parliament-rolls-on/articleshow/69821460.cms">Union Budget and Triple Talaq are among key bills as the first session of India's new Parliament rolls on</a> <a href="https://www.businessinsider.in/there-is-a-lot-of-bad-news-that-modi-has-to-budget-for-this-year/articleshow/69635372.cms">There is a lot of bad news that Modi has to budget for this year</a> <a href="https://www.businessinsider.in/modi-government-sets-up-two-cabinet-panels-to-check-falling-gdp-employment/articleshow/69670523.cms">Modi government sets up two cabinet panels to check falling GDP, employment</a>

You Searched For "Pradhan Mantri Awas Yojana" and got 11 results

2 crore more houses to be constructed under PMAY(G) in next 5 years: FM

PTI

What is the eligibility for Pradhan Mantri Awas Yojana scheme?

BI India Bureau

India's buildings sector to expand by 6.6 pc next yr driven by fiscal support, govt policies: Fitch

PTI

What housing boom? 2.45 lakh houses lying vacant in India

BI India Bureau

CII for higher tax benefits for home buyers to boost demand in real estate sector

PTI

Have headroom to raise Rs 35,000 cr from market: Nabard chief

PTI

Progress of top development schemes remains constrained in India: Study

PTI

Indian government may offer homes on rent to migrant labourers in metro cities

BI India Bureau

Steel Minister seeks Japanese investment in fast-growing Indian steel market

PTI

Indian steel demand boom to continue this fiscal : Crisil

PTI

Prime Minister Narendra Modi is asking everyone for budget ideas

BI India Bureau

Popular Keywords

Buying Guides