The Centre on Thursday approved the enhancement of the carpet area of houses for the middle-income group (MIG) category under Pradhan Mantri Awas Yojana – Urban (PMAY-U). The carpet area of the houses has been enhanced from 90 Sq. mtr to 120 sq. mtr for MIG-I category and for MIG-II category has been increased 110 sq. mtr to 150 sq mtr.
New Carpet Area for MIG under Pradhan Mantri Awas Yojana
Old Carpet Area – 90 Sq. mtr.
New Carpet Area – 120 sq. mtr.
Old Carpet Area – 110 sq. mtr.
Old Carpet Area – 150 sq. mtr.
A four per cent interest subsidy is provided to the beneficiaries whose annual income of Rs.6 to 12 lakh on a load of up to Rs.9 lakh, Under the MIG-I category and for MIG-II category, the beneficiaries with an annual income is between of Rs.12 lakh to Rs.18 lakh get an interest subsidy of three per cent on a load of Up to Rs.12 lakh.
National Real Estate Development Council (Naredco) chairman Mr. Rajeev Talwar and President Niranjan Hiranandani said the decision would help meet the aspiration of millions of home buyer in the MIG category.
Under Pradhan Mantri Awas Yojana – Urban (PMAY-U), the Centre Government aims to provide houses to all the urban poor by 2022. Currently, the shortage of houses is pegged at over 10 million in the urban areas.