A government-driven initiative, the Pradhan Mantri Awas Yojana (PMAY) is a program that aims to provide affordable housing to the urban poor. Launched in 2015, this scheme aims to complete its target by 2022. The primary objective behind this program is to ensure the dignity of living in people belonging to the lower and mid-income groups. Essentially, it addresses the deficit of housing in the urban and rural parts of India.
A 2011 technical study carried out by the Government of India brought to light the shortage of 1.88 crore homes within India. This scarcity of homes also reflected the lack of standard of living among a wide population. To address this issue, the government set a target to provide “Housing For All” by the year 2022 through PMAY.
Features of the PMAY Scheme
The PMAY scheme offers the following features to its beneficiaries:
- Providing affordable housing to economically challenged citizens.
- Focus on women and individuals belonging to minority sections of the society, i.e. transgenders, widows, senior citizens, scheduled tribes, and scheduled castes.
- Senior citizens and differently-abled persons are given preference when allocating homes on the ground level.
- Women, primarily mothers and wives, named as beneficiary.
Types of PMAY Scheme
The PMAY scheme is divided based on the area of focus. The two sub-sections include:
- Pradhan Mantri Awas Yojana-Gramin: The Pradhan Mantri Awas Yojana-Gramin (PMAY-G) was formerly known as the Indira Awas Yojna. This scheme aims to provide accessible housing in India’s rural regions. The central and state governments take responsibility and share the cost of home development; the share ratio in plain regions is 60:40, whereas that in the North-Eastern and hilly regions is 90:10, respectively. Rural regions of Delhi and Chandigarh are excluded from this scheme.
- Pradhan Mantri Awas Yojana-Urban: The Pradhan Mantri Awas Yojana-Urban (PMAY-U) primarily focuses on housing development in the urban areas of India. A total of 4,331 towns have been enlisted under this scheme at the moment.
PM Awas Yojana: Progress
PM Awas Yojana has made considerable progress in recent years. It began at a slow pace but picked up speed towards FY2019. To put things in perspective, as of January 2018, only 8.5 per cent of the target homes had been completed. Within the next year, the government laid more focus on increasing the completion of sanctioned homes. By 2019, the rate of completed homes was recorded to be over 31 per cent. The rate of occupancy in completed homes has remained steady and was close to 92 per cent as of 2019.
The total investment in this project has been Rs. 6.41 lakh crore so far. The novel coronavirus pandemic of 2020 contributed significantly to boosting the scheme as the government made a breakthrough announcement on November 12, 2020. Finance Minister Nirmala Sitharaman, in November 2020, increased the budget allocation for the PMAY-Urban scheme by Rs. 18,000 crore. The increased budget will help fund the development of 18 lakh homes. This introduction is also aimed to create 78 lakh jobs as well as increase the consumption of raw materials such as steel and cement. All of this will aid in boosting the Indian economy.
How to Check the PMAY Subsidy Application Status?
Checking your PMAY subsidy status is a simple process. Go through the following steps:
Step 1: Log in to the official Pradhan Mantri Awas Yojana portal at https://pmaymis.gov.in.
Step 2: Browse and navigate through the tracking options.
Step 3: Click on the ‘Application Status’ option. You will be able to access all your details under this tab.
PMAY Customer Care
If you find yourself unsure or confused about any offerings related to the PMAY scheme, you can get your queries answered through the following PMAY customer care numbers.
1 800 11 6163 (Urban, HUDCO)
1 800 11 3388 (Urban, NHB)
1 800 11 3377 (Urban, NHB)
1 800 11 6446 (Gramin)
Depending upon your location, you can use the aforementioned toll-free numbers to seek clarity on your application process.
Processing Time of the Pradhan Mantri Awas Yojana
If the application process moves smoothly, it can take up to four months for the PMAY subsidy amount to be credited to the beneficiary. This timeframe is subject to the government’s verification process. Complex applications can take longer than the stipulated time.
The Pradhan Mantri Awas Yojana is a great way to provide homeownership to citizens from low-income groups. Follow Finserv MARKETS for the latest updates and introductions on the Pradhan Mantri Awas Yojana.