The Union Cabinet on Thursday approved increase in the carpet area of houses eligible for interest subsidy under the Credit Linked Subsidy Scheme (CLSS) for the Middle Income Group (MIG) under Pradhan Mantri Awas Yojana (Urban).
It has also approved of increasing the carpet area in the MIG I category of CLSS from the existing 90 square metre to "up to 120 square metre" and increasing the carpet area in respect of MIG II category of CLSS from the existing 110 square metre to "up to 150 square metre".
It has also given its consent in making the changes effective from January 1, 2017, the date the CLSS for MIG had become effective.
The limit of 120 sq m. and 150 sq m. is seen as a reasonable enhancement and would cater to the market generally scouted by the MIG belonging to the two income categories specified in the scheme.
The increase in carpet area will enable the Ml category of individuals to have a wider choice in Developers' projects.
The increased carpet area will also give a boost to the sale of ready built flats in the affordable housing segment.
The CLSS for MIG aims to meet the challenges of urban housing shortage and to enable the Middle Income Group to access the benefits of an interest subsidy scheme.
Disclaimer: No Business Standard Journalist was involved in creation of this content
