Houses Under PMAY Tend to Get an Increase in Carpet Area
Nov 22, 2017 Home Trading Steps
The Centre has decided to increase the carpet area of the middle-income group (MIG) homes under Pradhan Mantri Awas Yojana-Urban (PMAY-U). As per the move, in MIG I category, the existing 90 square meter has been raised up to 120 square meters and in MIG II category the existing 110 square meter has been increased to up to 150 square meters. The changes are effective from January 1, 2017.
In the MIG-I category, those with an annual income of Rs 6-12 lakh would get 4 percent interest subsidy on a loan up to Rs 9 lakh. And under MIG-II category, those beneficiaries having an annual income of Rs 12-18 lakh is eligible to get 3 percent subsidy on a loan amount of up to Rs 12 lakh.
Hardeep Singh Puri, Housing Minister stated that this move would attract the interest of more home buyers to buy houses.
Talking about the real estate industry stalwarts, everyone hailed the move as this would help in fulfilling many home buyers’ expectations and dreams.
Gagan Banga, VC & MD, Indiabulls Housing Finance Limited stated on the development, “The cabinet’s decision is a massive positive for the macros of the housing. The home buyer now has a larger pool of prospective houses to choose from. The fence sitters especially, who were delaying their home purchase will now be given a further push. Builders, meanwhile, will not only enjoy the general uptick in the market that is ahead of us but can also accelerate the sale of housing units which were earlier missing out on a sizeable portion of the Middle Income Group audience. The Government remains committed to its headline mission of ‘Housing For All by 2022’, and has yet again delivered a further impetus for home buyers, home suppliers, and home financiers by easing the ecosystem.”
This move would boost the real estate sector while increasing job opportunities, encouraging builders to come up with new projects and it is also expected to clear up the unsold inventories. It is a definitely great move in terms that it is a huge move towards achieving government’s housing for all mission and now the middle-class group would now be able to afford bigger and better houses.
In the MIG-I category, those with an annual income of Rs 6-12 lakh would get 4 percent interest subsidy on a loan up to Rs 9 lakh. And under MIG-II category, those beneficiaries having an annual income of Rs 12-18 lakh is eligible to get 3 percent subsidy on a loan amount of up to Rs 12 lakh.
Hardeep Singh Puri, Housing Minister stated that this move would attract the interest of more home buyers to buy houses.
Talking about the real estate industry stalwarts, everyone hailed the move as this would help in fulfilling many home buyers’ expectations and dreams.
Gagan Banga, VC & MD, Indiabulls Housing Finance Limited stated on the development, “The cabinet’s decision is a massive positive for the macros of the housing. The home buyer now has a larger pool of prospective houses to choose from. The fence sitters especially, who were delaying their home purchase will now be given a further push. Builders, meanwhile, will not only enjoy the general uptick in the market that is ahead of us but can also accelerate the sale of housing units which were earlier missing out on a sizeable portion of the Middle Income Group audience. The Government remains committed to its headline mission of ‘Housing For All by 2022’, and has yet again delivered a further impetus for home buyers, home suppliers, and home financiers by easing the ecosystem.”
This move would boost the real estate sector while increasing job opportunities, encouraging builders to come up with new projects and it is also expected to clear up the unsold inventories. It is a definitely great move in terms that it is a huge move towards achieving government’s housing for all mission and now the middle-class group would now be able to afford bigger and better houses.
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