Govt approves revision of carpet area of houses eligible for interest subsidy under PMAY (Urban)

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The government has approved a 33 per cent increase in carpet area of houses eligible for interest subsidy under its affordable housing scheme Pradhan Mantri Awas Yojana (Urban) to attract more beneficiaries.

The carpet area of a house has been enhanced to 160 square metres from 120 square metres for Middle Income Group-1, while it has been increased to 200 square metres from 150 square metres in case of Middle Income Group-2.

The new rules will be effective from 1st of January, 2017, the date on which the scheme became operational. The enhancements will now enable more Middle Income Group customers to qualify for subsidy and avail the benefits provided under the flagship mission of Pradhan Mantri Awas Yojana-Urban.

Apart from increasing the number of beneficiaries, the enhancement in carpet area will increase the construction activity and will give a push to housing sector. Under the Credit Linked Subsidy Scheme , each beneficiary can avail subsidy up to two lakh 35 thousand on purchase of a house under the scheme.

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