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Modi Govt Increases Carpet Area of Houses Under PM Awas Yojana

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Under the PMAY-U, the Centre aims to provide houses to all the urban poor by 2022

The Centre on Thursday approved the enhancement of the carpet area of houses for the middle-income group (MIG) category under the Pradhan Mantri Awas Yojana- Urban (PMAY-U).

Under the MIG-I category, the carpet area of the houses has been enhanced from 90 sq.mtr to 120 sq.mtr, while under the MIG-II segment, it has been increased to 150 sq.mtr from the current 110 sq.mtr, Union minister Ravi Shankar Prasad told reporters while briefing them about the Union cabinet decisions.

Under the MIG-I category, a four-per cent interest subsidy is provided to the beneficiaries, whose annual income is between Rs 6 lakh and Rs 12 lakh, on a loan of up to Rs 9 lakh.

Similarly, under the MIG-II category, the beneficiaries with an annual income of Rs 12 lakh to Rs 18 lakh get an interest subsidy of three per cent on a loan of up to Rs 12 lakh.

Under the PMAY-U, the Centre aims to provide houses to all the urban poor by 2022. Currently, the shortage of houses is pegged at over 10 million in the urban areas.

Source: BusinessStandard

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