PMAY: Providing Homes to all at Affordable Rates

What is the one thing that you wish to possess more than anything? If you say it is money, then you are only partially correct. When you have money then you will want to spend it on something substantial. So, what will you purchase? It is not a high-end car, it is not precious jewels, and it is definitely not a trip to the Bahamas. The average Indian will try to acquire a home that they will be able to call their own.

Economic condition of the Indian market

In the recent times, Indian economy is going through a very delicate condition. The central government had announced and implemented the demonetization scheme that drove a wedge through the economy. People who were thinking of investing in real estate took a step back. The ban on high-value notes was a big blow to the middle-class citizens who were thinking of buying a home. But this was not the end of it.

There are many in the country who do not have the financial strength to purchase their own homes. The central government under Modi promised that they would take necessary steps that will assist the poor and the middle-class masses to acquire their own homes. For this, the government implemented the Pradham mantri awas yojna. The scheme was announced by the government for assisting the poor in investing money at low rates so that they can get the keys to their new homes.

Features of the scheme

The authority that has the responsibility of monitoring and making the strategies of the program will see that the quality of the homes is good. As this scheme has been designed for the poor and the middle classes, they needed something that will last for a long time. Implementation of eco-friendly methods for construction of the apartments is the primary objective of the government.

Three distinct phases of construction

As it has been highlighted in the official draft of the scheme, the entire task of constructing the homes will be done in three separate phases. This will give the time that the construction companies require to complete the apartment buildings. Apart from this, they will also be able to give the time that the common people require to pool their funds for investing in the projects. The affordable housing scheme has been a calculated step from the government and will assist the real estate business in doing better even in this economic circumstance.

Low cost of the apartment

As it has already been mentioned, the government has designed the scheme for providing a permanent roof on the heads of all commoners. Thus, it was imperative that the cost of the homes was also kept moderate. If the cost was too high, then the poor and the middle classes will not be able to afford them. Keeping this in mind, the cost of these homes have been lowered, and the rate of interest, charged by the financial institutions, on the housing loan will also be less as compared to the other housing loans. So, if you are thinking of purchasing a home, it is the right time to register under the scheme.

I am Author of this article knowledge about on going real estate projects in Pradhan Mantri Awas Yojna in delhi. For more details visit-

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