The Pradhan Mantri Awas Yojana (PMAY) is a government scheme launched by the Indian government in 2015 with the objective of providing affordable housing to the economically weaker sections and low-income groups of the society.
The scheme has two components – Pradhan Mantri Awas Yojana (Urban) and Pradhan Mantri Awas Yojana (Gramin) – aimed at providing housing to both urban and rural poor.
PMAY is definitely helpful as it provides a range of benefits and subsidies to eligible beneficiaries. Under the scheme, the government provides financial assistance in the form of a subsidy on the interest rate of home loans, and in some cases, direct financial assistance for the construction or purchase of a house. The scheme also provides for the development of necessary infrastructure such as water supply, sanitation, and road connectivity in the housing areas.
The scheme has been successful in achieving its objectives to some extent, as several people have been able to avail the benefits and realize the dream of owning a house. However, there are still challenges such as delays in approvals, inadequate funds, and issues related to the quality of construction that needs to be addressed.
Overall, PMAY is a positive step towards ensuring affordable housing for all and can be helpful to those who are eligible to avail of its benefits.
Commenting on the same, Mr. Mukesh Kumar Founder & Mentor said “We at M-Sanvi Real Estate welcomes and supports PMAY with open arms. It’s a good initiative which Mr. Narendra Modi and his government have initiated to benefit most of the population across different categories. At M-Sanvi Real Estate, most of our client takes home loan. They all need subsidy under the PMAY Scheme with a maximum limit of approx. 267000/- across different categories like EWS, LIG1-2, and MIG1-2.”
He further added, “The government also announced increasing PMAY outlay by 66% to Rs 79,000 crore for FY24 in Union Budget 2023-24.
