Main
NAREDCO welcomes the announcements by Prime Minister


New Delhi, 3rd January 2017: “NAREDCO welcomes the Government’s move to create two additional categories under Pradhan Mantri Awaas Yojana (PMAY-Urban) for interest subvention. Under this, home loans up to Rs. 9 Lacs taken in 2017, will receive interest subvention of 4 per cent and home loans up to Rs. 12 Lacs taken in 2017 will receive interest subvention of 3 percent. This will be over and above the 6.5 percent interest subvention on home loans upto Rs. 6 Lacs already available in PMAY. Increase by 33 percent in construction of houses under the Pradhan Mantri Awas Yojana for the economically section is also welcomed.
Announcement of another new scheme for neo middle class in rural areas which provides an interest subvention of 3 percent on loans up to Rs. 2 Lac taken in 2017, for construction of new houses, or extension of old houses is also welcomed.
Government of India launched Pradhan Mantri Awaas Yojna (PMAY) to build 2 crore urban and 4 crore rural houses by 2022, across India. As per estimates, more than 95 percent of urban housing shortage is in the affordable housing segment which comprises Lower Income Group (LIG) and Economically Weaker Section (EWS). In first phase 100 cities and in second phase another 200 cities will be covered and completed by March 2017 and March 2019, respectively. Third and final phase will cover the remaining cities in the country. NAREDCO, taking unprecedented urbanization in to consideration, feels that private sector should be roped in to meet the challenges ahead and they should be given some freedom to construct and market, under the broad policy of the Government.
Rural housing construction under PMAY has got momentum but urban housing is still struggling because of complexities of land acquisition, lack of infrastructure and non-availability and affordability of housing finance from recognised banking channel. Government announcement of interest subvention on home loans upto Rs. 12 Lacs will be of great relief to LIG and neo middle class, said Mr. Parveen Jain, President, NAREDCO. He felt that private sector developers, with some flexibility in planning, execution and marketing alongwith some incentives in taxation would be of great help in meeting the housing shortage in urban areas.
These announcements by Prime Minister Shri Narendra Modi on eve of New Year, is seen as a positive step to accomplish the vision of Housing for All by 2022 as more and more people in low and middle income groups would be able to take home loans upto Rs. 12 Lacs and buy their dream houses. To make people in unorganized sector to utilize this facility, it would be necessary to create an environment in which loans are easily available to these people from the banks and they do not get trapped into procedural hassles. NAREDCO hopes that these aspects would be taken care of by the banks.
-
News2 days ago
Commercial Office Market at Record High, Signals Major Transformation: FICCI-Colliers report
-
News18 hours ago
SG Holdings Acquires Shares in Morrison Express to Expand Supply Chain, Logistics Services
-
Guest Column19 hours ago
Year of Transformation: How India’s Real Estate Sector is Expected to Grow in 2025
-
News18 hours ago
Colliers India Seals Deal for 68,021 Square Feet for Protean eGov Technologies in Mumbai
-
News18 hours ago
2,600 Participate as CRC Group Organizes 9th Edition of the Noida Grand Marathon
-
News12 hours ago
Spectrum@Metro to Host Daawat-e-Ishq to Mark Saint Valentine’s Day
-
News17 hours ago
QIP Fundraising at Record High in 2024, Real Estate Leads with ₹22,320 Cr
-
News17 hours ago
Google India Renews Office Lease at ₹3.55 Cr PM, Google Cloud India at ₹1.24 Cr PM in Mumbai’s BKC