PM Awas Yojana gets MHADA attention

Shifting its focus to the Pradhan Mantri Awas Yojana (PMAY) to construct homes in semi-urban cities of the state, the MHADA in its financial budget tabled on March 28, has proposed to yearmark Rs 2,500 crore for the financial year 2016-17.

till now, MHADA under the lottery system, has constructed houses in major cities However, it has now started receiving proposals from various municipal corporations and zilla parishads of Maharashtra that include Pune, Nashik, Nagpur, Nanded and Aurangabad municipal corporations and Mhada’s Konkan Board for funding construction of homes under the PMAY model.

A senior MHADA official said that when it comes to allocating budget for construction of homes, the Centre’s PMAY should also be explored and represented equally. “Out of the Rs 3,000 crore set aside for the budget for FY 17, we plan to allocate Rs 2,500 crore for construction of homes under both lottery and PMAY schemes,” he added.

PMAY replaced the Rajiv Gandhi Awas Yojana (RGAY) on June 25, 2015. To address housing requirements of masses, the Central government has set four components in the yojana that include slum redevelopment by using land as resource, credit link subsidy where home loans will be given at an interest rate of 6.5 per cent for 15 years, followed by giving a subsidy of Rs 1.5 lakh and Rs 1 lakh for constructing houses in villages.