Features and Objectives of Pradhan Mantri Awas Yojana- PMAY(U)

Introduced by our Prime Minister of India, the PMAY scheme is an initiative that is provided by the Government to the urban poor aiming to provide affordable and reasonable housing facilities. 

Under this plan, affordable houses will be worked in chosen urban communities and towns utilizing eco-friendly development techniques to support the urban poor community in India.

Features of PMAY:

• Under this scheme, the interest subsidy rate is 6.5% p.a on the housing loan that is given to all the beneficiaries.
• PMAY scheme gives preference to differently-abled and senior citizens to have houses on the ground floor. 
• For constructing the project, sustainable and eco-friendly development technologies are used. Hence, a large number of buyers will get an opportunity to check on vendors from various e-procurement platforms to procure most of the housing and electrical materials.
• The PMAY scheme covers the entire urban areas in the country with the first priority given for the 500 Class I cities.

Objectives of Pradhan Mantri Awas Yojana:

• The very first objective of the PMAY Scheme is to provide affordable housing for all by the year 2022. 
• PMAY scheme also aims to reach demographics such as economically challenged groups, women belonging to minority sections such as scheduled caste or scheduled tribes.
• Promoting the “affordable housing” scheme via credit linked subsidy for the economically weaker sections.
• The PMAY scheme also focuses on building as well as upgrading the houses drove by beneficiaries.

Affordable housing has become more easy with the introduction of the PMAY scheme. 

Pradhan Mantri Awas Yojana- Housing for All

Pradhan Mantri Awas Yojana- Urban (PMAY U) was launched in the year June 2015 to ensure housing for all in the urban areas. The mission gives focal help to executing offices through States/Union Territories (UTs) and Central Nodal Agencies (CNAs) for giving houses to every qualified family/recipient against the approved interest for houses.

The PMAY(U) strategic number of frameworks set up to guarantee transparency and relevancy in Demand Survey, Beneficiary choice, de-duplication, Fund transfer, monitoring and so on. Each State additionally has committed State/City level specialized cells for execution and observing of the mission.

With the extent of overall Pradhan Mantri Awas Yojana (U), a Technology Sub-mission has been set up that will help in facilitating the adoption of innovative, sustainable, disaster strong technologies, and various building materials for a lower-cost giving quality to the construction of houses. 

This has given a vast opportunity to the housing and construction material suppliers to manufacture more of the construction and building items. Even buyers who take projects like constructing smart cities, developing the city infrastructure, etc. gets the opportunity to source vendors from various e-procurement platforms to procure the necessary materials.

The Ministry of Housing and Urban Affairs (MoHUA) has launched the Global Housing Technology Challenge (GHTC- India) to seek the best available cutting-edge construction technologies from across the globe via unique challenging processes.

The government is also additionally encouraging the startup companies to give significant arrangements and administrations for the construction as well as infrastructure segments.