Carpet Area Hike to Push Housing Sales in Smaller Cities
Jul 09, 2018 Real Estate News
The recent move by the government to hike the carpet area of homes that are eligible for interest subsidy under PMAY for the middle-income group is thought to give the much-needed push to the sales of such properties, especially in Tier I and Tier II cities.
On June 12th 2018, the Ministry of Housing and Urban Affairs increased the carpet area of projects under PMAY. The new carpet area is 160 sq meter for MIG I and 200 sq meter for MIG II.
This move is expected to push the sale of properties in tier II and tier III cities along with increasing the construction activities along with the sales.
The buyers with the annual income between Rs 6 lacs to 12 lacs will qualify for MIG I subsidy. While the buyers above the yearly income of Rs 12 to 18 lacs will be eligible for MIG II subsidy. The interest subsidy for MIG I will be three percent and for MIG II will be four percent.
This is the second hike in the carpet area by the government in a year and is expected to bring positive results for the sales. More and more people will now show interest in investing in the property for the subsidy, which is much needed. The lower interest outflow will also encourage people to
To boost the affordable housing, the RBI has raised home loan limit under the priority sector lending from Rs 28 lacs to Rs 35 lacs in metro cities and from 20 lacs to Rs 25 lacs in other cities.
Moreover, this step is also expected to broaden the spectrum for the first time buyers and will give them a push to make a wise investment in the ever-thriving real estate sector.
On June 12th 2018, the Ministry of Housing and Urban Affairs increased the carpet area of projects under PMAY. The new carpet area is 160 sq meter for MIG I and 200 sq meter for MIG II.
This move is expected to push the sale of properties in tier II and tier III cities along with increasing the construction activities along with the sales.
The buyers with the annual income between Rs 6 lacs to 12 lacs will qualify for MIG I subsidy. While the buyers above the yearly income of Rs 12 to 18 lacs will be eligible for MIG II subsidy. The interest subsidy for MIG I will be three percent and for MIG II will be four percent.
This is the second hike in the carpet area by the government in a year and is expected to bring positive results for the sales. More and more people will now show interest in investing in the property for the subsidy, which is much needed. The lower interest outflow will also encourage people to
To boost the affordable housing, the RBI has raised home loan limit under the priority sector lending from Rs 28 lacs to Rs 35 lacs in metro cities and from 20 lacs to Rs 25 lacs in other cities.
Moreover, this step is also expected to broaden the spectrum for the first time buyers and will give them a push to make a wise investment in the ever-thriving real estate sector.
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