All you need to know about Karnataka PMAY

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The Centre has approved several projects offering pucca houses under PMAY in the urban areas of Karnataka. 99acres shares the latest updates on the development of PMAY houses across the State.

Pradhan Mantri Awas Yojana (PMAY) was launched by the Government of India to provide shelter to all households in rural and urban areas across the country by 2022. Under the housing scheme, overall six crore pucca houses were planned to be developed within a stipulated time. In Karnataka, the Central government had sanctioned the construction of about four lakh dwellings across urban areas. Of all the sanctioned houses, a total of 1, 82,631 units have been grounded so far. About 58,000 pucca houses have been completed.

The Government's ambitious housing project will be partially funded by both the State and the Central government. Moreover, the selected beneficiaries will enjoy subsidised rate of interest for home loan taken against the property.

Karnataka PMAY - Latest Updates

Till July 2018, over 1,100 housing projects offering lakhs of affordable units have been sanctioned under Karnataka PMAY. The Housing Ministry will announce more such sanctions in the coming quarters. A total of 1,188 realty projects have been approved under PMAY-Urban. For the development of all sanctioned houses, the Housing Ministry has already released a sum of Rs 2,410 crore.

 

Total number of projects sanctioned

1,188

Total Investment (in crore)

Rs 20,089

Central assistance – Sanctioned (in crore)

Rs 6,117

Central assistance – Released (in crore)

Rs 2,410

No of houses sanctioned

3,85,645

Houses grounded

1,82,631

Houses completed

57,691

Source: Ministry of Housing and Urban Affairs

Under PMAY (Urban), the Karnataka government has identified 271 cities where pucca houses would be built. A demand survey in 270 cities has been completed, and it is still going on in the BBMP jurisdiction. The survey revealed that the overall demand for pucca houses across the State is approximately 20.09 lakh. Of all the overall housing demand, 12.98 lakh have been validated, too.

Karnataka PMAY - Construction status

Until January 2018, the Karnataka government had given its final nod for the construction of over 700 housing projects under PMAY. About three lakh units have been approved under the Beneficiary-Led Construction (BLC) and Affordable Housing in Partnership (AHP) verticals.

Under the BLC component, a total of 583 projects with 78,385 units have been sanctioned in Karnataka. Of all, 25,124 units have been built, while 29,950 houses are at various stages of construction. Under the AHP vertical, over 180 projects have been sanctioned. A total of 13,405 units are at the development stage.

Component

No of projects

Total no of units sanctioned

Completed houses

Under construction

BLC

583

78,385

25,124

26,950

AHP

184

2,12,122

-

13,405

Source: Ministry of Housing and Urban Affairs

Karnataka PMAY - Home Loan

Under PMAY (Urban), the Ministry introduced Credit-linked Subsidy Scheme (CLSS) to help urban poor households acquire a house in their name. The scheme is limited to urban centers only. Under CLSS, a homebuyer can avail an interest subsidy of Rs 2.67 lakh. The scheme has been categorised according to income slabs – EWS, MIG-1 and MIG-2. To know about the CLSS in detail – Click Here

Under Karnataka PMAY, over 2,600 beneficiaries have availed the subsidy scheme so far. Funds worth Rs 10,000 lakh had already been sanctioned till January 2018.

No of beneficiaries who availed loan

2611

Loan amount sanctioned (in lakh)

Rs 10,422

Loan amount disbursed (in lakh)

Rs 7,153

Loan amount disbursed (in lakh)

Rs 809

 Source: Ministry of Housing and Urban Affairs

 Karnataka PMAY - Financial status

Under both the components - Affordable Housing in Partnership and Beneficiary-Led Construction, the Centre would release a subsidy of Rs 1.5 lakh for each dwelling. Overall, the ambitious housing project will be monetarily funded by both the Central and the State government.

Component

Total Project Cost

Central Assistance

Central Assistance (Released)

State Assistance

BLC

Rs 2,63,366 lakh

Rs 1,17,577 lakh

Rs 7,788 lakh

Rs 1,26,254 lakh

AHP

Rs 12,13,116 lakh

Rs 3,22,530 lakh

Rs 26,753 lakh

Rs 3,21,997 lakh

 Source: Ministry of Housing and Urban Affairs


Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. 99acres does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.


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