More affordable housing expected in Uttar Pradesh
LUCKNOW: The housing sector in UP is expected to get a major boost from April 1.
The state government has estimated that within the next five years rapid urbanization in Uttar Pradesh will lead to demand for 64 lakh new housing units.
To meet the target by 2027, the housing and urban development department, along with private participation, will have to provide about 13 lakh housing units every year.
Senior officials said that higher budget allocation under the Prime Minister Housing Scheme will help in achieving the ‘housing for all mission’ of the state government. UP is the second highest beneficiary of the scheme and since 2015 close to 17 lakh families have received the benefits for construction of their first home.
The Union and state government provides Rs 2.50 lakh to the individual. “Majority of the individuals in UP apply under the ‘beneficiary led construction’ category. For construction of their first residential house, money is provided at different stages of construction,” said the officer.
Similarly, 34.40 lakh families from rural parts of the state have also derived the benefits under the scheme. Principal secretary of the housing department Nitin Ramesh Gokarn said, “The families staying in tier II and tier III towns of the state will benefit. We are going to expedite the applications related to the PMAY scheme from next fiscal year.”
The PMAY national budget has been increased from Rs 48,000 crore to Rs 79,000 crore. Kunal Seth, director, Shalimar Corp, said, “The 66% increase in the PMAY scheme will benefit companies that focus on affordable housing in smaller cities. The allocation of Rs 10,000 crore for the urban infrastructure development fund (UIDF) will improve urban infrastructure, making cities more attractive to potential home buyers. ”