With the goal of providing housing for all by 2022, the central government launched the Pradhan Mantri Awas Yojana or PMAY. Under PMAY (U), the goal is to provide 1 crore affordable houses by 2022, of which, 15 lakh units have been constructed so far. Therefore, in a bid to keep the momentum going, the government has decided to award the best-performing states and union territories. Take a look at what this entails.
Why is the government awarding efforts?
The goal is to complete the project by 2022, and so, the government has decided to reward top-performing states and union territories with a focus on innovation and implementation of the PMAY (U) scheme. The aim is that this will indirectly help the timely completion of the project.
What are the categories of awards?
According to the Union Housing and Urban Affairs Ministry, awards will be given for innovation in construction, slum redevelopment, mobilizing local communities, policy initiatives as well as policy monitoring, amongst other categories.
Special recognition will be given to the state or union territory’s monthly incremental progress in important areas up to May 2019. The government is of the belief that this will help motivate low-performing states and territories to catch up.
How often will the rankings be revealed?
The government intends to make the rankings of states and union territories public every month. The aim of doing so is to create a healthy, competitive environment that will help the home loan subsidy scheme thrive. Thereafter, the winners will be celebrated at a special ceremony in New Delhi, tentatively in the month of June.
These awards are important to motivate Indian states and union territories because out of the 73 lakh units that have been approved out of the 1 crore required, 15 lakh are complete and 39 lakh are under construction.
While this scheme is an excellent way to become a homeowner if you haven’t participated in other government housing scheme, and have no property to your name, if you don’t qualify for PMAY, don’t lose heart. Pick a high-value loan with a low housing loan interest rate to make your dream come true.
Why is the government awarding efforts?
The goal is to complete the project by 2022, and so, the government has decided to reward top-performing states and union territories with a focus on innovation and implementation of the PMAY (U) scheme. The aim is that this will indirectly help the timely completion of the project.
What are the categories of awards?
According to the Union Housing and Urban Affairs Ministry, awards will be given for innovation in construction, slum redevelopment, mobilizing local communities, policy initiatives as well as policy monitoring, amongst other categories.
Special recognition will be given to the state or union territory’s monthly incremental progress in important areas up to May 2019. The government is of the belief that this will help motivate low-performing states and territories to catch up.
How often will the rankings be revealed?
The government intends to make the rankings of states and union territories public every month. The aim of doing so is to create a healthy, competitive environment that will help the home loan subsidy scheme thrive. Thereafter, the winners will be celebrated at a special ceremony in New Delhi, tentatively in the month of June.
These awards are important to motivate Indian states and union territories because out of the 73 lakh units that have been approved out of the 1 crore required, 15 lakh are complete and 39 lakh are under construction.
While this scheme is an excellent way to become a homeowner if you haven’t participated in other government housing scheme, and have no property to your name, if you don’t qualify for PMAY, don’t lose heart. Pick a high-value loan with a low housing loan interest rate to make your dream come true.
Also Read: Pradhan Mantri Awas Yojana — A Golden Key for Middle Income Group
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