There are many words that have captured the soul of India until now: the ancient Greeks entitled it as ‘Indoi’ (people of Indus), subsequently the world started calling it ‘The Golden Sparrow’ and then gradually ‘Bharat’. Most people who have lived here would also know it as – center of expensive real estate. But with the introduction of the Pradhan Mantri Awas Yojana, a bold initiative taken by the Government of India, it is a concrete effort by them to help you get your dream home at an affordable price.
During the governments celebration of completing three years in office, one challenging opportunity remained - Housing for all by 2022. Launched in 2015, on 29th June, this massive-scale project aims to support the common man to own a home, latest by 2022. The immediate target of PMAY is to construct 1 Crore affordable homes in rural areas by the year 2018-2019.
In order to avail a house or financial reinforcements from the government, every applicant needs to meet the eligibility criteria set by the PMAY committee.
But what is the PMAY scheme exactly?
Since the PMAY scheme is aimed towards the needy, the following features will be implemented:
Therefore, the PMAY scheme will hopefully pick up the demand for affordable housing in India and reduce the realty sector’s traditional obsession with affluent homebuyers in the cities.