- Various Housing Projects are stuck in India. Hon’ble Supreme Court of India has done a commendable job by spearheading the delivery of justice to millions of homebuyers.
- The Pradhan Mantri Awas Yojana (Urban) [PMAY (U)] was started by the Modi government to offer homes to all by 2022.
- The continuous flow of liquidity remains critical to achieving overall success of the housing for all
Various Housing Projects are stuck in India. Hon’ble Supreme Court of India has done a commendable job by spearheading the delivery of justice to millions of homebuyers. The process of justice has set an example for the resolution of Distressed Asset across the country and is continually being acknowledged by millions of ordinary home buyers. For eg., various Amrapali projects have reached an advanced stage of resolution.
In 2011, India’s census revealed that over 65 million people lived in slums, accounting for about a sizeable sum of the country’s total population. In terms of the percentage of the country’s urban population, this figure will be significant. The Ministry of Housing and Urban Poverty Alleviation estimated in 2012 that urban India needs an additional 18.78 million housing units.
The Pradhan Mantri Awas Yojana (Urban) [PMAY (U)] was started by the Modi government to offer homes to all by 2022.
In India, a large proportion of city people are unable to live in decent housing due to two factors: a lack of income to buy or rent one, and a scarcity of affordable housing. PMAY (U) is being implemented through a variety of measures. This includes:
- In-situ slum redevelopment (ISSR): ISSR (in-situ slum redevelopment) is the process of replacing existing slums with new liveable housing on the same site. The Centre can help with up to INR 100,000 per property.
- Credit-linked subsidy scheme (CLSS): People in the EWS, LIG, and medium-income categories are eligible for interest subsidies on housing loans under the Credit-Linked Subsidy Scheme (CLSS).
- Affordable housing in partnership (AHP): AHP stands for affordable housing in partnership and refers to the financial support given to buyers for each EWS house built as part of a housing project. The projects can be carried out by states/UTs on their own or in collaboration with the business sector.
- Beneficiary-led individual new house construction/enhancement (BLC-N/BLC-E)
According to the economic survey 2021-22, after the initial COVID-19-induced restrictions were lifted, housing property transactions increased significantly, possibly due to pent-up demand and improved affordability as a result of government measures taken during the pandemic, such as lower interest rates, reduced circle rates, and reduced stamp duties, which made houses more affordable to buyers. In addition, several large banks, mortgage businesses, and housing finance organizations have drastically lowered their home loan interest rates, boosting house demand.
The continuous flow of liquidity remains critical to achieving the overall success of the housing for all and enabling an environment of liquidity to project as well as prospective homebuyers will fulfill the dreams of millions of home buyers in India. It will also have an impact on the overall growth of the economy by acting as a catalyst of demand and supply to all the ancillary industries related to housing. The government has provided homes to millions of Indians under the scheme and more citizens will be benefitted under the scheme in times to come.
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