Priyanka Tiwari
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The Yogi government has some encouraging news for the lower-middle class. A new housing initiative, Pradhan Mantri Awas Yojana 2, is on the horizon, promising a range of benefits for those looking for affordable urban homes.
Key Highlights
Affordable Flat Construction:
The government plans to enable the construction of more flats on less land. This means that developers can build affordable housing more efficiently for lower-income groups.
Stamp Duty Discount:
Buyers of flats up to 60 square meters will enjoy a 1% discount on stamp duty registration, easing the upfront cost burden.
Additional Floor Area Ratio (FAR):
With Transferable Development Rights (TDR), developers will receive an extra 50% FAR at no additional cost, incentivizing the creation of more housing units.
Details of the Scheme
Target Groups:
- EWS (Economically Weaker Section) and LIG (Low Income Group): These houses will be constructed by the Housing Development Authority and Housing Development Council.
- MIG (Middle Income Group): Affordable flats for the lower-middle class will be built under a licensed scheme, with significant benefits offered to builders.
Implementation Plan:
The State Urban Development Agency (SUDA) of Uttar Pradesh has submitted a detailed draft, and the scheme is scheduled to launch in June 2025. Each project under this scheme will comprise 100 houses, including 25 specifically for the EWS category. Additionally, developers are required to include rental housing to accommodate urban migrants, homeless individuals, and workers.
Budget and Outreach
The budget for Pradhan Mantri Awas Yojana 2 in Uttar Pradesh has already been released, and online applications will soon be open. According to reports, this initiative could benefit between 15 to 20 lakh people, adding to the 17.70 lakh residents who have already gained from Pradhan Mantri Awas Yojana 1.
This comprehensive plan aims to address urban housing challenges by offering affordable and well-planned housing solutions to a broad section of the population.
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