Under Pradhan Mantri Awas Yojana (urban) scheme, 1.49 lac affordable houses have been delivered in FY 2016-17. Updated report says that now government aims to construct as many as 12 lac economical housing estate to meet the ambitious project ‘Housing for All by 2022’ within 2017-18.
As per the sources union government targets development of 6 lac houses in 2018-19, 26 lac in 2019-20, 30 lac in 2020-21 and 29.80 lac in 2021-22. Sources also revealed that delay in land acquisition is one of the main reasons behind the sloth progress of this enormous flagship scheme of the central government of India.
The recent updates on PMAY declares that, the proposal for 18.76 lac buildings have been approved, and funding for construction of 13.06 lac units has been issued. However, for delay in land acquisition, only 1.49 lakh projects have been completed under PMAY (Urban) in 2016-17.
Speaking about the ambitious project of center, our West Bengal RERA expert Mr. Mahesh Somani said, “As we all know that Pradhan Mantri Awas Yojana (Urban) had been launched in June, 2015 with an objective of delivering dwelling for the economically weaker section of the society by 2022. Under which some of the best-selling low budget flats in Kolkata have been delivered in the extended location of the city. Yet, a large number of projects have been found at under-developed stage. Hopefully these will be completed by the scheduled time span.”
A progressive approach in real estate sector has come perked up with this affordable housing sector. This is the only sector that holds strong and matured selling position even after major market catastrophe. Central government has come up with some major developments in the realty sector in order to reform the major revenue-collecting sector such as- the Real Estate Regulation Act (RERA), liberalized FDI rules, Real Estate Investment Trusts (REITs), Benami Transaction Prohibition Act and lastly the Goods and Services Tax (GST). Amidst which RERA and GST are expected to be the real game-changers in the coming days. All these positive moves will rejuvenate Indian realty market and lure foreign investment as well.
-LNN (Liyans News Network)