All the 1.12 crore houses being constructed under the Pradhan Mantri Awas Yojana (Urban) will be occupied by beneficiaries by early 2021, Union Housing and Urban Affairs Minister Hardeep Singh Puri has said.
The minister said the government has so far sanctioned around 90 lakh houses which are being funded by the ministry and the number will go up to 1.12 crore houses in six months, a target set under the PMAY(U).
He exuded confidence that the Modi government will achieve the target well before the deadline of 'Housing for All by 2022' Mission as the work is in full swing.
"By March 2020, all the 1.12 crore houses will be sanctioned and 75 lakh houses will be grounded. Fifty lakh houses will be completed and 40-45 lakh houses occupied by beneficiaries in the next five to six months.
"We are fully confident that by early 2021, all houses will be occupied by beneficiaries," Puri told PTI in an interview.
According to the Union Housing and Urban Affairs Ministry which is mandated to implement the ambitious scheme of Prime Minister Narendra Modi, 53.40 lakh houses were grounded a few days back while 27.17 lakh houses have been completed.
PMAY(Urban) has four components - 'Credit Linked Subsidy Scheme' (CLSS), In Situ Slum Redevelopment (ISSR), Affordable Housing in Partnership (AHP) and Beneficiary Led Construction (BLC) under which ministry provides central assistance to beneficiaries to construct their own houses.
Puri said the government has so far released 18,458 crore credit linked subsidy to around 7.18 lakh beneficiaries.
"Around 13.94 lakh houses are being constructed using new technologies under Pradhan Mantri Awas Yojan (Urban). Out of 18,458 crore credit link subsidy, 13,056 crore has been released for beneficiaries of EWS and LIG categories.
"Also, 5,401 crore subsidy has been released for middle-income group (MIG)," the minister also said.
Under CLSS, Centre provides an interest subsidy of up to around Rs 2.67 lakh on home loans to individuals, which reduces the principal outstanding amount of the loan.
He also said that the government has so far approved 79,716 crore as central assistance under the PMAY (U) and of this, 57,870 crore has been released.