Pradhan Mantri Awas Yojana: The Narendra Modi government announced the Pradhan Mantri Awas Yojana-Urban (PMAY) 2.0, a housing-for-all scheme, in the Union Budget 2024-25. Under PMAY 2.0, financial assistance will be provided to 1 crore urban poor and middle-class families through states or union territories (UTs) to construct, purchase or rent a house at an affordable cost in urban areas in five years starting from 1st Sept 2024.
What is PMAY 2.0?
PMAY-U 2.0 is one of the major flagship programmes being implemented by the centre to provide all-weather pucca houses to all eligible citizens living in the urban areas. The government assistance under PMAY-U 2.0 will be up to 2.50 lakh per unit.
The contours of PMAY-U 2.0 have been designed on the basis of learnings of PMAY-U scheme, global best practices and outcomes of series of consultations with multiple stakeholders including states/UTs, banks, housing finance companies, private sector etc.
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The Ministry of Housing and Urban Affairs implements the scheme to provide financial assistance to eligible families in urban areas through the following four verticals:
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Beneficiary Led Construction (BLC): The BLC vertical of the scheme shall provide financial assistance up to Rs 2.5 lakh to individual eligible families belonging to EWS categories having annual income up to Rs 3 lakh, to construct new pucca houses up to 45 sqm (an all-weather dwelling unit) on their own available land.
Affordable Housing in Partnership (AHP): Affordable Housing in Partnership (AHP) vertical shall provide financial Assistance to EWS beneficiaries for owning a pucca house. Under this vertical affordable houses of 30-45 sqm carpet area will be constructed by public/private agencies and made available for allotment to the eligible beneficiaries of EWS category. Financial assistance of up to Rs 2.5 lakh per EWS (annual income up to Rs 3 lakh) flat is provided together by central and state agencies on the purchase price of the property to the EWS beneficiary in AHP projects.
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