More than 37 Lakh Homes Sanctioned Under PMAY-Urban Scheme in the Last Two Years

According to statistics provided by the government, around 37.57 lakh houses have been sanctioned under the PMAY (Pradhan Mantri Awas Yojana-Urban) scheme in the last two years for people falling within the category of EWS (Economically Weaker Section). This input was shared by the Minister of State for Housing and Urban Affairs, who also added that the sanctions were granted under three verticals. These include the Affordable Housing in Partnership (AHP), 'In-situ' Slum Redevelopment (ISSR), and the Beneficiary Led individual house Construction or Enhancement (BLC). Out of these houses, the completion of 18.50 lakh houses has been accomplished. Another 28.99 lakh houses have been grounded.

The upper house was informed by the minister that under the CLSS (Credit Linked Subsidy Scheme) vertical of the Pradhan Mantri Awas Yojana, the benefit of the subsidy has so far reached 5.81 lakh EWS beneficiaries. The Union Government, in an effort to strengthen affordable housing, has come up with various initiatives. This includes providing affordable housing projects with the necessary infrastructure status. As a result, the property owners can avail cheaper loans. Besides, they can enjoy low GST rates for projects under construction. It has been reduced from 8% to 1% without any increment in input tax credit.

The Union Government was also informed by the minister that some of the other tax benefits to the property owners are fueling higher demand for these homes. There are some deductions as per section 80-IBA of the Income Tax Act, which can be availed by March 31, 2022. Besides, the scope of section 80-IBA would be widened to 60 sq. m. from 30 sq. m. in metro cities. For non-metro cities, it would be raised from 60 sq. m. to 90 sq. m.