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PMAY Scheme Granted Additional Capital In Maharashtra

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PMAY Scheme Granted Additional Capital In Maharashtra

Maharashtra government recent granted an extra Rs 6,895 crore for the PMAY scheme. Move lauded by real estate industry

The state of Maharashtra is all set to benefit even more from the affordable housing scheme Pradhan Mantri Awas Yojana (PMAY). The Maharashtra government recently pledged an extra Rs 6,895 crore for PMAY. This move was done partly to give more importance to affordable housing. It also can be a huge move by the current government in power to rise in popularity just before the Lok Sabha elections.

Maharashtra’s finance minister Sudhir Mungantiwar was the one who made the announcement in interim budget for 2019-20. He even suggested an outlay of Rs 2,400 crore for Smart Cities and Amrut Mission. Developers applauded the move. They unanimously feel that homebuyers will be the one who will benefit maximum from this initiative.

Niranjan Hiranandani, president of National Real Estate Development Council (NAREDCO) stated, “This is a positive move and we should see more home seekers in the segment getting their dream homes, making these a reality. Infrastructure and connectivity will also gain as a result of other allocations, and these will help buyers of affordable homes in peripheral areas connect with their workplaces.”

The GST Council recently decided to slash tax rates to 1 percent for affordable housing projects with a price tag of Rs 45 Lakhs and carpet area of up to 60 square metres in metros. This was done keeping in mind the boost it would provide to affordable housing. Paradigm Realty MD Parth Mehta connected the two. “Last year 40 percent of new launches even in MMR region were in the affordable housing segment. This shall act as an impetus and bolster more affordable housing projects catering to the vision of housing for all by 2022,” Parth said.

Meanwhile, Nahar Group vice chairperson Manju Yagnik spoke about the effect a budget has on the industry and the state. “The budget affects the overall industry by having provisions for highway development, clean Maharashtra, and skilled labour which is the need of the hour,” Manju said.

A total of 373 cities in Maharashtra fall under the PMAY scheme.

 

ALSO READ: Under PMAY-G, 4,60,000 Houses To Be Built By The End Of May

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