Government Approves Rs 9,005 Crore Affordable Housing in Three States

Ministry of housing & urban poverty alleviation has approved an investment of Rs.9, 005 crore for the construction of houses for economically weaker sections in urban areas of three states- Maharashtra, Punjab and Jammu & Kashmir in a meeting last week.

The investment will be done under the Prime Minister’s Awas Yojana (PMAY) scheme of the central government of India and estimated to construct around 73,205 houses for economically weaker people in these three states for current fiscal.

These were also the first affordable housing proposals of these three States sanctioned under PMAY (Urban). An inter-ministerial Central Screening & Monitoring Committee has approved the housing proposals for current financial (2016-17) year.

With these approvals, the total investment approved for affordable housing under PMAY (Urban) has gone up to Rs.43, 922 crore for construction of 6, 83,724 houses for urban poor in the country. However, central government has committed to aid Rs.10, 050 crore for the scheme.

“Under the components of AHP (Affordable Housing in Partnership) and BLC (Beneficiary Led Construction) of PMAY (Urban), central assistance of Rs.1.50 lakh per house is provided while under In-situ Slum Redevelopment to be taken up by private developers through monetization of existing land, central assistance of Rs.1 lakh per house is provided,” said the ministry.

 Ministry has sanctioned to construct 71,701 homes in 10 cities of   Maharashtra with the project cost of Rs.8, 932 crore with central assistance of Rs.1, 064 crore. Houses sanctioned include 61,946 under affordable housing in partnership (AHP), 7,399 for beneficiary led construction (BLC) and 2,356 for In-situ Slum Redevelopment.

These 10 cities of Maharashtra have been chosen to construct 71,701 homes are – Virar-61,946, Kalyan-30,378, Thane-8,184, Gothegar-3,822 and the rest in Mumbai Metropolitan Region areas of Wave, Palghar, Pen, Nilaje Pada, Raygad and Kelawali.

Under the In-Situ Slum Redevelopment scheme, 1,280 houses will be constructed in Bhatinda, Punjab with total investment of Rs 57 crore, for which central government assistance of Rs.12.80 crore has been sanctioned.

Under Beneficiary Led Construction component of PMAY (Urban), centre has approved to construct 224 houses in Jammu & Kashmir with a total investment of Rs.16.07 crore with centre assistance of Rs 3.36 crore. This includes construction of 141 houses in Udhampur and 83 in Baramullah.

Under PMAY scheme, centre has committed to construct 2 crore houses for urban poor by 2022.

Such a huge investment in these three states will improve the construction sector and will impact positively on the industry which is dependent on this sector, like heavy construction equipment sector and cement, steel industry. All these three sectors did not perform well for last few years due to investment crunch and some other reasons.

Construction sector gives employment to highest number of people after agriculture in the country; therefore this investment would generate a huge amount of jobs to the people of Maharashtra, Punjab and Jammu & Kashmir.

Source: Information has been obtained from government press note.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s