Own Your Home @ 0 Down Payment- Pradhan Mantri Awas Yojana

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    ‘Pradhan Mantri Awas Yojana ‘ is an initiative by Government of India in which affordable housing will be provided to the urban poor with a target of building 20 million affordable houses by 31 March 2022.building

    t has two components: Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awaas Yojana (Gramin) (PMAY-G and also PMAY-R) for the rural poor.

    This scheme is converged with other schemes to ensure houses have a toilet, Saubhagya Yojana electricity connection, Ujjwala Yojana LPG gas connection, access to drinking water and Jan Dhan banking facilities, etc.

    Cumulative total number of funded houses approved thus far is 39,25,240 in urban area including the subsumed RAY scheme and completion of construction of 5 million rural houses by March 2018 and 10 million rural houses by March 2019.

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    List of PMAY projects in Delhi NCR

    PMAY, Centre’s housing scheme, is anticipated to strike demand-supply equilibrium in Delhi NCR for homes within Rs 40 lakh. 99acres shares a list of localities in NCR with several residential options available under the scheme.

    In Delhi NCR, the inventory overhang is inching at regular intervals coupled with declining sales volume. Demand for affordable homes reached maximum in the last quarter, ending March 2018. It has been reported that there was a deficit of nearly 11 million housing units for economically weaker section (EWS) and lower-income groups (LIG), painting a clear image of demand and supply disequilibrium. To bring a state of equilibrium, the Central Government has approved lakhs of houses in the region under PMAY to meet the housing need.

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    Since the launch of the ambitious housing scheme, the government has sanctioned nearly 40 lakh affordable houses across the country till date. Out of all sanctioned houses, about 18 lakh units have already been grounded for construction. Only 10 percent of the total sanctioned homes have been completed. The total number of residential units developed under the mission has reached 3.39 lakh. Exactly 2.97 lakh units have been occupied under PMAY (Urban).

    Till December 2017, as many as 60,000 homebuyers availed the interest subsidy under CLSS. Of these, about 3,000 are from the middle-income group (MIG). With the extension granted to homebuyers to avail interest subsidy of about Rs 2.6 lakh for MIG flats till March 2019, it is expected that the more buyers will go for homes linked with subsidy scheme. Dushyant Pandey, Virtual Relationship Manager, HDFC Bank, shares, “We have approved a large amount of loan against properties linked with CLSS under PMAY. The number of applicants is increasing with each passing day. Applicants are majorly applying for the loan for MIG and LIG flats.

    familySeveral residential projects in Delhi NCR are linked with the Government’s ambitious scheme, PMAY. This means that a homebuyer can avail interest subsidy on his first home. Gurgaon, Noida and Greater Noida account major share of such projects. The housing options begin from 1RK and go up to 4BHK. Let’s take a quick round up all housing options available, at present, in the region.

    PMAY Count across localities 

    Localities

    Areas Covered

    No of Housing Projects

    Housing options

    Price Range

    Gurgaon

    Sector 92, 15, 109, 76, 37C, 85, 78 and 110A

    35 projects

    2BHK

    3BHK

    Rs 45 Lakh onwards

    Noida

    Sector 119, 45, 117, 34, 134, 46, 121, 135, 120, 100, 76, 133, and 168

    70 projects

    2BHK

    3BHK

    Rs 30 Lakh onwards

    Greater Noida

    Sector ZETA 1, Alpha 1 and Greater Noida West

    40 projects

    1BHK

    2BHK

    3BHK

    Rs 12 Lakh onwards

     

    Ghaziabad

    Crossings Republik, Raj Nagar Extension, Vaishali, Vasundhra, Indirapuram

    80 projects

    2BHK

    3BHK

    Rs 23 Lakh onwards

    Delhi

    Pitampura, Avantika, Dwarka, Khanpur, and Uttam Nagar.

    15 projects

    1BHK

    2BHK

    3BHK

    Rs 15 Lakh onwards

    Faridabad

    Sector 75, 77, 84, 86, 88, 70 and 80.

    22 projects

    2BHK

    3BHK

    Rs 25 Lakh onwards

    Gurgaon

    Touted as Delhi NCR’s IT hub, Gurgaon has many affordable housing projects with superior connectivity. A homebuyer can choose his first home from 35 housing societies linked with the subsidy scheme under PMAY. There are several 2BHKs and 3BHKs housing options available in Sectors such as 92, 15, 109, 76, 37C, 85, 78 and 110A. Here, the cost of a flat starts from Rs 45 lakh.

    Noida

    In Noida, development and expansion of connectivity projects is expected to shape up the realty market in the coming quarters. A plethora of residential options under the scheme would boost the overall growth of the realty sector. Most of the housing projects have been linked to the credit linked subsidy scheme (CLSS) to provide shelter at a rebated price. Localities such as Sector 119, 45, 117, 34, 134, 46, 121, 135, 120, 100, 76, 133, and 168 have sufficient housing options under PMAY. These projects are linked with subsidy scheme, too.

    There are nearly 70 residential projects linked with CLSS under the Pradhan Mantri Awas Yojana with abundant housing options starting from Rs 30 lakh.

    Greater Noida

    Overall 40 housing societies with a plethora of affordable ready-to-move properties are available in Greater Noida. The region has some of the most affordable homes compared to other regions of NCR. Here, a 1BHK will cost around Rs 12 lakh. A homebuyer can easily find a 2BHK unit in a price bracket of Rs 15-30 lakh. Popular localities include Sector ZETA 1, Alpha 1 and Greater Noida West.  

    Faridabad

    In Faridabad, sectors located at Nehar Par are linked with CLSS under PMAY. Some of the famous sectors of the region are Sector 75, 77, 84, 86, 88, 70 and 80. Nearly 22 residential societies with 2BHK and 3BHK options are attached with subsidy scheme.

    Delhi

    Being one of the hubs of expensive residential localities in India, Delhi has about 15 housing societies where a homebuyer can easily get his first home at an affordable price starting at Rs 15 lakh. Most popular localities having residential options under PMAY in Delhi are Pitampura, Avantika, Dwarka, Khanpur, and Uttam Nagar. 1BHK options are available too.

    Manish Rastogi, a South Delhi based real estate agent, has informed that homebuyers are preferring houses linked with subsidy scheme under PMAY. Queries for such flats are mounting. Lack of subsidy linked units hampers buying sentiments. The situation is likely to improve once the sanctioned affordable houses are built and ready for sale.

    Ghaziabad

    In Ghaziabad, Crossings Republik and Raj Nagar Extension hold a major chunk of homes under PMAY. Out of 80 residential societies, these two localities accounts 50 percent. 2BHK and 3BHK housing options are common in Ghaziabad. Price range starts from Rs 23 lakh. Other popular localities include Indirapuram, Mohan Nagar, Vaishali, and Vasundhra. 

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