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AFFORDABLE RENTAL HOUSING COMPLEXES UNDER PMAY-U

Focus: GS-II Social Justice, GS-III Indian Economy

Why in news?

The Union Cabinet has given its approval for developing of Affordable Rental Housing Complexes (AHRCs) for urban migrants / poor as a sub-scheme under Pradhan Mantri Awas Yojana – Urban (PMAY – U).

Details of how the sub-scheme will be accomplished

  1. Existing vacant government funded housing complexes will be converted in ARHCs through Concession Agreements which are awarded by States and UTs through transparent bidding.
  2. Special incentives, like reduced loan rates, will be offered to private/ public entities to develop ARHCs on their own available vacant land.

AHRC sub-scheme

  • Ministry of Housing & Urban Affairs (MoHUA) has initiated an Affordable Rental Housing Complexes (ARHCs) for urban migrants/poor as a sub-scheme under Pradhan Mantri Awas Yojana (Urban).
  • A large part of workforce in manufacturing industries, service providers in hospitality, health, domestic/commercial establishments, and construction or other sectors, labourers, students etc. who come from rural areas or small towns seeking better opportunities will be the target beneficiary under ARHCs.
  • ARHCs will create new ecosystem in urban areas making housing available at affordable rent close to the place of work.
  • Investment under ARHCs is expected to create new job opportunities.
  • ARHCs will cut down unnecessary travel, congestion and pollution.

Pradhan Mantri Awas Yojana – Urban (PMAY-U)

  • PMAY-U was launched by the Ministry of Housing and Urban Poverty Alleviation (MoHUPA).
  • It envisions provision of Housing for All by 2022, when the Nation completes 75 years of its Independence.
  • Beneficiaries include Economically weaker section (EWS), low-income groups (LIGs) and Middle-Income Groups (MIGs).
  • “Housing for All” Mission for urban area is being implemented during 2015-2022 and this Mission will provide central assistance to implementing agencies through States and UTs for providing houses to all eligible families/beneficiaries by 2022.
  • Mission will be implemented as Centrally Sponsored Scheme (CSS) except for the component of credit linked subsidy which will be implemented as a Central Sector Scheme.

The Mission seeks to address the housing requirement of urban poor including slum dwellers through following programme verticals:

  1. Slum rehabilitation of Slum Dwellers with participation of private developers using land as a resource
  2. Promotion of Affordable Housing for weaker section through credit linked subsidy
  3. Affordable Housing in Partnership with Public & Private sectors
  4. Subsidy for beneficiary-led individual house construction /enhancement.

CLSS (Credit Linked Subsidy Scheme) is a component of PMAY under which, not only economically weaker sections, but also middle-income groups can avail of home loans at reduced EMIs.

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