PMAY- Pradhan Mantri Awaas YojanaHow can you purchase your dream home under this scheme?To own a home is one of the basic necessities for each and every individual. Over the past few years, the soaring property prices and interest rates have made it practically impossible for the common man to realize this particular dream. Under the Central Government, the revolutionary ‘Pradhan Mantri Awas Yojana’ aims to support the common man in this regard.Launched in 2015, June 25th to be precise, this massive-scale project is based on a blueprint that is designed to develop close to 2 crore houses by 2022. Simply put, it’s two crore houses in 2555 days.The target audience for this particular project are individuals who belong to the EWS (upto 3 Lakhs Annual income), LIG-Lower Income Group (3.01 to 6 Lakhs Annual Income), MIG 1- Medium Income group (6.01 to 12 Lakhs Annual Income) & MIG 2- Medium Income group (12.01 to 18 Lakhs Annual Income) segments of societies that are part of Urban India.
Things to Remember1. A subsidy ranging from 1 lakh to 2.67 lakhs can be availed. Those belonging to the MIG1(up to 2.35 Lakhs), MIG 2 (up to 2.30 Lakhs) & LIG (up to 2.67 Lakhs) of the society. This is paid as a grant by the Government directly to the beneficiary’s loan account.
2. An interest rate subsidy of 6.5 % for LIG, 4% for MIG1 and 3% for MIG2 could be applied by those who plan to avail loans for a period of 20 years – a drastic reduction from the standard rates offered by banks which is around 8.3 to 9%.
3. The ‘Pradhan Mantri Awas Yojana’ can be considered as a pro-women initiative as there is a preference given to women applicants under this scheme. Simply put, women applicants will be given more weight over their male beneficiaries when it comes to availing schemes under this initiative.
4. As the ‘Pradhan Mantri Awas Yojana’ will mainly be based on designing apartment projects around the country to meet the housing demands of the common man, the ground floor of each complex will be reserved for differently-abled and/or senior citizens.
5. Homes to be built under the “Pradhan Mantri Awas Yojana’ will have to follow certain specified building standards to ensure that they are constructed in-sync with the environment, or in other words, ensure that they’re eco-friendly.
6. First Home Buyers: Beneficiary families not owning a house in any part of India are only eligible to avail subsidy under this scheme.
A practical exampleAssume that a loan of around 6 lakhs for 20 years is applied. Today’s average interest rate hovers around the 8.5% mark. A bit of math and the calculated EMI comes to around INR 5,207 per month. The same figures under the ‘Pradhan Mantri Awas Yojana’ will only cost you INR 3035 per month, a reduction of over 2000 rupees, making the dream of owning your own space a reality for those in the LIG, MIG1 and MIG2.
Some important rules1. The maximum loan amount to avail the subsidized rates are set at INR 6 lakhs for LIG, 9 Lakhs for MIG1and 12 Lakhs for MIG2.
2. For those wanting more, the market rates for home loans will have to be paid for the amount over and above.
All combined, the ‘Pradhan Mantri Awas Yojana’ has received an overwhelming response from the citizens of India. This welcome move is going to make the dream of ‘homes for all’ a reality. Pradhan Mantri Awas Yojana (urban) for ensuring housing for all in urban areas was launched on 25th June 2015 for implementation during 2015-2022. The mission provides central assistance to implementing agencies through states/union territories and central nodal agencies (CNAs) for providing houses to all eligible families/ beneficiaries against the validated demand for houses for about 1.12 cr. The size of a house for the economically weaker section (EWS) is 30 sq. Mt. In carpet area but states have flexibility to enhance the size of houses in consultation with the ministry. Following the principles of cooperative federalism, states/ ut’s have been empowered to approve projects within the framework given in the mission guidelines. In continuation of this government’s efforts towards the empowerment of women from EWS and LIG, unlike earlier schemes, PMAY has made a mandatory provision for the female head of the family to be the owner or co-owner of the dwelling unit under this mission.Visit
Affordable housing projects in Bangalore
ATTIBELEAttibele is an area in south Bangalore that provides affordable housing.the average price per sqft in attibele is rs 2,767.Located on the outskirts of the city, it is one of the areas which is still under development but in the coming years, the outskirts areas are expected to be into the mainstream city.With the rising population in Bangalore, attibele is one of the areas that are stress-free from traffic and congestion. Ds max sarovar, aryan golden arena, janaadhar shubha, indya the greens are some of the projects in Attibele to look out for.The affordable housing projects are with a price range from Rs 15 lakh to 30 lakh.
DODDATHOGURUDoddathoguru is another area that has gained a lot of attention from the investors due to its affordable price. Due to the high price in the Electronic City, the buyers have shifted their interest from Electronic City to Doddathoguru. Doddathoguru has been famous for its 1&2 bhk configurations.while the average per sq ft price in the electronic city is rs 4200, doddathoguru’s average price per sq ft is 3800 sq ft.Manya Hi Living, DS Max Sky Classic, JMR Lotus, Sujana Apartments are some of the projects that provide affordable housing with a price range from Rs 35 lakh to 50 lakh.
AREKEREArekere has recently gained popularity due to the high availability of affordable housing over its neighbor Hulimavu. The price in Arekere stands at Rs 4600-4800 per sq ft. Hulimavu had a price range of 5200-5400 INR per sq ft. Arekere which is located along the Bannerghatta Road is constantly gaining the eyes of prospective investors. Due to its adjacency to IIM-Bangalore and BPO, IT companies have made it more popular than its neighboring areas. Spring Leaf, Shravanthi Pristine, Pravabhvati Residency, Niranjan Maxima are some of the Projects in the area that is offering affordable housing from 30 lakh to 50 lakh.
NORTH BANGALORENorth Bangalore has affordable housing projects but they are in limited numbers. Due to high demand and proximity to the airport, the prices in north Bangalore have gone up. North Bangalore is still considered to be an area for affordable housing projects in areas like Bisuvanahalli and Vidyaranyapura. The price range of area per sqft in Bisuvanahalli is Rs 3,272 – 3,868 whereas the price range for the area in Vidyaranyapura is Rs 3,698 – 4,335. Provident Welworth city, aurora iris in Bisuvanahalli are providing affordable housing at a range of 26-35 lakh. On the other hand, Sashank Anutham, DS Max Silver Nest in Vidyaranyapura are providing housing at a range of Rs 30-50 lakhs.
Electronic cityThis affordable housing project situated in Electronic city is developed by gm infinite group. With an Aluminium System Framework with RCC Wall & Slab and flats made with the Vaastu concept. It has amenities like swimming pool, yoga court, jogging track, badminton and many more. This project by Purnima build tech is located off Hosur road, near electronic city. Developed over 2 acres of land with 45% open, it consists of several amenities like swimming pool, jogging track, gymnasium, multi-purpose hall, cafe, etc.
SARJAPUR ROADThe project is located at Attibele-Sarjapur road, Bidaraguppe is complete with modern amenities like a swimming pool, gymnasium, indoor games room, children’s play area, landscaped garden, shuttled court etc and consists of 2 buildings and 50 units in total spread over 2 acres of land with 50% open. This project is developed by design tech builders and developers and consists of 1 building with 45 units and is located in Kada Agrahara locality. It comprises of many amenities including landscaped garden, gymnasium, play area, community hall etc.
WEST BANGALOREPMAY (Urban) has been implemented to provide an affordable housing solution for people living in urban centers across the nation including slum dwellers. As observed, the demand for slum dwellings is expected to reach up to 18 million by 2022. Therefore, about 20 million affordable homes are planned to be developed under the scheme to meet the anticipated housing demand.