In a boost to ‘Housing for All’ scheme, Modi government has granted 1 lakh crore rupees for affordable housing. Under the ‘Housing for All’, the Modi government aims to build 1 crore houses in urban areas by 2022. The government has also granted infrastructure status to affordable housing to help the developers. “With nearly 4 lakh homes sanctioned at the 42nd CSMC today, the total number of homes sanctioned under this flagship mission with the vision of providing a home to every Indian has crossed 72.5 lakhs,” tweeted Union Housing and Urban Affairs Secretary Durga Shanker Mishra. The scheme was launched in 2015 by PM Modi with the aim to build 1 crore houses by 2022, of this fund for 72.5 lakh homes has been already sanctioned.
Credit Link Subsidy Scheme (CLSS) on home loans for the Middle Income Group (MIG) under which the government gives a subsidy of 2.67 lakh rupees has been extended. “I have just signed a file before I came here. It was on the CLSS scheme which we have extended for one year up to March 31, 2020. The last extension was up to March 31, 2019,” said Union Housing and Urban Affairs Minister Hardeep Singh Puri. The scheme will benefit middle-income groups with an annual income of 6 lakh rupees to 12 lakh rupees will get interest subsidy on 20-year loan component of 9 lakh rupees. Households with income of 12 lakh rupees to 18 lakh rupees will get interest subsidy of 3 percent.
The housing for all has been highly successful in urban as well as rural areas. Thousands of people from marginalized section of society in rural areas got houses under the Pradhan Mantri Awas Yojna. The houses built under PMAY (G) are equipped with all basic amenities like toilet, LPG connection, electricity connection, LED bulbs, fans and clean drinking water. These facilities are being provided to BPL houses under other welfare schemes like Swachh Bharat Abhiyan, Ujjwala Yojana LPG gas connection, Saubhagya Yojana electricity connection. The merger of these schemes which are primarily targeted at poor households helps families get a fully equipped house for living a dignified life. More than 10 lakh households in Madhya Pradesh alone got houses equipped with toilet, LPG connection, electricity connection, LED bulbs and fan, clean drinking water due to efficient implementation of the welfare schemes.
All the poor people and middle class in rural and urban areas can now dream for having their own homes with the government assistance. The demand in the real estate sector is growing at a good rate after initial weakness. The Modi government recently reduced the tax on under construction and put it in 5 percent GST slab. The tax cut by the government will improve the demand in the affordable housing sector and will also help in clearing the glut in the sector. The low prices in this sector will help the middle class and economically weaker section of the society to purchase flats.