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India Financial Budget 2017 Highlights

Affordable Housing Gets Infrastructure Status, Higher Allocation At Rs 23,000 Crore

1. The government continued its centre of interest towards low cost housing and “infrastructure” status has been assigned to it per Budget 2017.

2. Rs 23,000 crore is allocated to Pradhan Mantri Gramin Awas Yojana which was Rs 15,000 earlier. This scheme was introduced in 2015.

3. Target of 1,00,00,000 houses to be built by 2019 as per 2017 budget announcement. The “Housing for All” target is 2,00,000 till year 2022.

4. Duration for loans under the CLSS i.e. Credit Linked Subsidy Scheme of the PMAY is increased upto 20 years. It was 15 years previously.

5. Interest subvention of 4 % is approved for loans upto Rs 9 lakhs and those upto Rs 12 lakhs will be eligible for a 3 % reduction in applicable interest rates.

6. To benefit developers, the carpet area will be counted rather then built up area.

7. Flats having carpet area of 30 sqm in metros and 60 sqm in other cities will fall under affordable housing. Before this budget announcement, it was built up area rather then carpet area hence more area for developer to sell under affordable housing scheme.

8. So far 12 lakhs houses are covered under Housing For All scheme, which is just 6 % of the set target of 2 crore houses by 2022.

Project under Land Pooling Policy