The Ministry of Housing & Urban Affairs has embarked upon one of the most ambitious programmes undertaken in the world for Urban renaissance for rejuvenating and transforming Indian cities through a number of initiatives including sanctioning of 68.5 lakh houses for construction under the Pradhan Mantri Awas Yojana in urban areas.
PMAY (U) is a Mission to provide housing for all by 2022 and is being implemented from June, 2015. It provides central assistance to Urban Local Bodies (ULBs) and other implementing agencies through States/UTs for in-situ Rehabilitation of existing slum dwellers using land as a resource with private participation; Credit Linked Subsidy; Affordable Housing in Partnership and Subsidy for beneficiary-led individual house construction/enhancement.
Under the PMAY(U), the total investment involved is Rs 3,56,397 Crores. Out of the approved total central assistance of Rs 1,00,275 crore, Rs 33,455 crores have already been released to States/UTs as on 10.12.2018. Interest subsidy of Rs 6,943.95 crore on housing loans has been credited directly to 3,14,703 beneficiaries under CLSS(Credit Linked Subsidy Scheme).
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