Modi govt to introduce Housing Challenge to boost affordable homes for all

While allotting ground floors, preference will be given to differently abled and older persons 

Economy news: After successful implementation of Smart City Challenge aimed at improving livability in Indian cities, the government is set to boost its Housing for All scheme, where a competition — Housing Challenge — would be conducted to select the most cost-effective technology to provide affordable housing for citizens....

What is 'Housing for All' scheme?

The government has identified 305 cities and towns in nine states for the beginning of construction housing projects for the urban poor.

The construction of the first 10,000 dwelling units in the first phase of ‘Housing for all’ project under the Pradhan Mantri Awas Yojna (PMAY) will begin in Maloya in August, the Indian Express reported.

Out of the 10,000 units, there will be 3,500 dwelling units for the economically weaker section, 3,000 for low-income group, 2,000 for the middle-income group (MIG-I) and 1,500 for MIG-II.

Condition for PMAYBeneficiary max age: 70 years
Economic Weaker Section: Annual income less than Rs 300,000

Lower Income Group: Annual income Rs 3,00,001 to 6,00,000

The beneficiary should not have an own dwelling unit in his name or in the name of any family member in any part of India.

Features of the scheme

The features of the scheme are that the government will provide an interest subsidy of 6.5 per cent on housing loans availed by the beneficiaries for a period of 20 years under credit link subsidy scheme (CLSS) from the start of a loan.
The houses would be constructed through a technology that is eco-friendly. While allotting ground floors in any housing scheme under PMAY, preference will be given to differently abled and older persons.

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