PM Narendra Modi Pradhan Mantri Awas Yojna (PMAY) Housing Scheme by 2022
The Prime Minister Narendra Modi has started its most ambitious mega housing project named Pradhan Mantri Awas Yojna (PMAY) along with two more biggest projects Smart Cities Mission and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for transforming India.
Pradhan Mantri Awas Yojna is the central government scheme in which the government will provide housing for all across the country. The main objective of the scheme is to provide affordable housing to the urban and rural poor who are living with the home in the cities and villages. In this scheme, the government will construct 2 crore affordable houses in urban areas for slum dwellers and people from economically-weaker sections and low-income groups with an investment of Rs. 3 lakh crore in the next five years.
In this scheme, the government will also provide a subsidy of Rs. 2.50 lakh in which the Rs. 1.50 lakh amount will be provided by the central government while Rs. 1 lakh will be provided by the state government. Besides, the government is also providing interest subsidy of 6.5 percent on housing loans with tenure up to 20 years
Smart City Project is the second most awaited project of the central government. In this project, the government will select 100 cities to develop as the smart city under Smart City Mission. This project is launched with an aim to develop 100 cities as smart city across the country. In this project, each selected city would be developed with modern infrastructure for transforming India.
Atal Mission for Rejuvenation and Urban Transformation (AMRUT) is the third important project which will help for transforming India. In this project, the government will select 500 cities in which the government will develop the city with basic infrastructures such as proper power supply, water supply, better sewage system and much more. The main objective of the scheme is to reform the city by developing basic needs.