fbpx
35 C
New Delhi
Home Press Release 'Housing for All by 2022' gets a Boost with Hike in Unit...

‘Housing for All by 2022’ gets a Boost with Hike in Unit Size of MIG Houses under Credit Linked Subsidy Scheme: Dr Niranjan Hiranandani

Business Wire IndiaThe Indian Cabinet has approved an increase in carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under Pradhan Mantri Awas Yojana (PMAY).
 
PMAY aims to provide houses to all the urban poor by 2022, said Dr Niranjan Hiranandani, CMD, Hiranandani Communities and President, National Real Estate Development Council (NAREDCO). He termed the Cabinet’s decision ‘positive’, pointing out that the move brings the entire demand for affordable housing under the interest subvention scheme – affordable housing comprising the largest chunk of demand for new houses in India.
 
Under the MIG-I category, the carpet area of the houses has been increased from 90 square metres to 120 square metres, the area under MIG-II segment, has been increased to 150 square metres from the current 110 square metres. Under the MIG-I category, a four percent interest subsidy is provided to the beneficiaries, whose annual income is between Rs. 6 lakh and Rs. 12 lakh on a loan of up to Rs. 9 lakh. Under the MIG-II category, the beneficiaries with an annual income of Rs. 12 lakh to Rs. 18 lakh get an interest subsidy of three percent on a loan of up to Rs. 12 lakh.
 
The Cabinet’s decision to hike carpet area of houses eligible for interest subsidy under the PMAY will help middle income buyers make their dream homes a reality, while also helping the real estate industry clear unsold homes. Welcoming the decision, Dr Niranjan Hiranandani said it would help meeting the aspiration of millions of Middle Income Group (MIG) home buyers. “This decision will encourage real estate developers to launch new projects and effectively, boost the economy, GDP growth and employment,” he said.
 
‘Housing for All by 2022’ gets a boost, with the Cabinet’s decision to hike unit size of MIG Houses under Credit Linked Subsidy Scheme, concluded Dr Niranjan Hiranandani.
 
Dr Niranjan Hiranandani is Founder & CMD, Hiranandani Communities & National President – NAREDCO.

Stay Connected

263,411FansLike
9,841FollowersFollow
2,869SubscribersSubscribe

Must Read

Wang Yilin: The Richest Chinese Businessman

Wang Yilin: The Richest Chinese Businessman Purnima Narang || The CEO Magazine China National Petroleum Corporation (CNPC), a major national oil and gas corporation of China...

Best CRM SOFTWARE FOR STARTUPS in 2020

Best CRM SOFTWARE FOR STARTUPS in 2020 The biggest challenge being a startup or a small business is to manage every aspect of the business...

Things you need to consider before picking the right web hosting for eCommerce site.

Things you need to consider before picking the right web hosting for eCommerce site. In this fast moving world, if you don’t have a...

BEST CRM FOR REALTORS IN INDIA IN 2020

BEST CRM FOR REALTORS IN INDIA IN 2020 Building real estate agencies from basic is a difficult task inclusive of various activities including fielding client...

Related News

How to Develop a Growth Mindset in Your Organization

How to Develop a Growth Mindset in Your Organization Pulkit Sharma || The CEO Magazine Fixated or growing, what mindset do you carry? Allegedly, we all...

Top Food Startup Companies in India, Defining the Future of Food Industry in 2019

Top Food Startup Companies in India, Defining the Future of Food Industry in 2019 Nothing can content us as much as a delicious meal. Good...

6 WAYS TO EFFECTIVELY ‘START-(IT)-UP’ ONLINE

6 WAYS TO EFFECTIVELY ‘START-(IT)-UP’ ONLINE In an era driven by technology, the world both literally and figuratively has saturated to our hands and not...

7 WAYS TO RECOGNIZE THE ACCURATE IDEA FOR A STARTUP

7 WAYS TO RECOGNIZE THE ACCURATE IDEA FOR A STARTUP Yashasvi Khushu || The CEO Magazine The most common question that you will see people struggling...

5 Dark Realities you will face in your entrepreneurship journey by Steve Jobs

5 Dark Realities you will face in your entrepreneurship journey by Steve Jobs Well, we all know that entrepreneurship is a journey, not the destination....
Loading...
error: Content is protected !!
Copy link
Powered by Social Snap