The local demand for housing is pegged at around 12 million and the government has taken a lot of measures to boost housing.
Ever since the launch of the Pradhan Mantri Awas Yojana (PMAY)-Urban on 25th June 2015, the government has sanctioned a total of 30.76 lakh houses across all verticals. This was informed by Housing and Urban Affairs Minister Hardeep Singh Puri while inaugurating a national workshop on ‘Accelerating Implementation of Urban Missions: PMAY (Urban) and Swachh Bharat Mission (Urban)’ in New Delhi today. He said that currently, 15.65 lakh houses have been grounded and are at various stages of construction and about 4.13 lakh houses have been constructed since the launch of the mission.
According to the minister, the local demand for housing is pegged at around 12 million and the government has endeavored a number of measures like infrastructure status to affordable housing, direct tax benefits under Section 80-IBA of the Income Tax Act, relaxation in FDI and ECB proposals, reduction in holding period for long-term capital gain benefits and standardized usage of carpet area definition. Also, emphasis on reforms like stamp duty exemption and single window clearance has been actively pursued by the ministry.
The urban India is undergoing a transition in terms of physical forms, demographic profile and socio-economic diversity. The important role of cities in national economic process and their global linkages demand more attention for their development, than being hitherto given. Cities are expected to perform efficiently in keeping with emerging demands for employment, commerce, trade, industry and other services.
“The Housing sector is the engine of economic growth that enables and feeds into the aforementioned. It is a vital sector of the economy creating jobs and generating taxes and wages that positively influence the quality of life. The government has embarked on an ambitious plan to empower Indian citizens by 2022 that marks the 75 years of Independent India,” he added.
Highlighting the progress made under PMAY (U), the minister informed that it has made noteworthy progress over the past missions. A closer analysis of the PMAY (U) verticals will reflect that most of the projects under the BLC and AHP verticals of the mission have shown considerable progress.