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Leg-up for PM’s pet housing project:
Context:
- Pradhan Mantri Awas Yojana – Housing for all (Urban)
Why is it in the news?
- People purchasing a low-end house from a private developer will be eligible for financial help under the ‘Housing For All’ scheme of the Union government
What is the importance of this announcement?
- Pradhan Mantri Awas Yojana (PMAY) or ‘Housing For All’ has been moving at a very slow pace
- This will help in meeting the housing requirements for all targets
Why is this announcement important?
- This policy seeks to assign risks among the government, developers, and financial institutions, to those who can manage them the best
- This will help in utilizing the under-utilized and unutilized private and public lands towards meeting the housing for all target
- The government was to construct 12 lakh houses under PMAY by 2017-18, but only 1.49 lakh houses have been constructed till last year.
- Eligible buyers can get the Central assistance of about Rs. 2.50 lakh per house as interest subsidy on bank loans or can get up to Rs. 1.50 lakh otherwise as one-time assistance
- This policy aims to attract investments from developers through the PPP model
Effects of developed and developing countries policies
