Housing Plans In India: Navigating the Landscape

In India, owning a home is like the holy grail of accomplishments. It’s what you strive for your whole life, like a game of Mario Kart where you’re trying to beat your best time on the rainbow road. From an early age, Indians are taught the importance of owning a home; for many middle-class families, it’s the ultimate milestone. But unlike Mario Kart, buying a home in India can be daunting, and it is where your life savings can go for a toss. 

“The average cost of flats in metro cities was 64 times the average monthly income till 2015 has shot up to 74.4 times, indicating a rise in unaffordability.”

The house prices in metros are rising like there’s no tomorrow, and the common man is stuck in the cycle of salary-rent-EMI, which makes owning a home a far-fetched dream. But with the government’s affordable housing schemes, i.e., housing plans in India, you don’t have to choose between a roof over your head and a comfortable retirement. These schemes have made owning a home more accessible and affordable for everyone, especially middle-class families dreaming of a place to call their own. 

From Pradhan Mantri Awas Yojana to Rajiv Awas Yojana, these housing plans in India offer a range of options to suit everyone’s needs and budget. So, if you’re ready to say goodbye to overpriced rentals and start building your beloved nest, these housing schemes are the way to go:

1) Pradhan Mantri Awas Yojna: 

Pradhan Mantri Awas Yojana – Urban (PMAY-U), a flagship goal of the Government of India run by the Ministry of Housing and Urban Affairs, was started on 25th June 2015. Initially known as the Rajiv Awas Yojna, this Mission moved to urban cities under the PMAY-U scheme and became one of India’s most talked about housing plans.

The Mission addresses urban housing shortage among the EWS/LIG and MIG categories, including the slum dwellers, by ensuring a ‘pucca house’ for all eligible urban households. Till now, the scheme has allocated 122.69 Lakhs houses.

2) Delhi Development Scheme:

Delhi Government offers a housing scheme, i.e., Delhi Development Scheme  (DDA) in Delhi. It was launched in December 2018. It offers houses to High Income Group, Middle Income Group, and Low Income Group. DDA Housing also provides special reservations to families from the economically weaker section. 

3) Maharashtra Housing and Area Development Authority:

Maharashtra Housing and Area Development Authority opens a yearly lottery for house dwellers. It is meant for all income groups, but the central part of it is reserved for low-income and underprivileged groups. 

These schemes and multiple other housing plans in India, started by different state governments, aim to address this issue by providing affordable housing to low and middle-income households across the country.

Here’s everything you need to know about who can have access to India’s Affordable Housing Plans:

Eligibility criteria:

The scheme is available to people from the economically weaker sections (EWS) and low-income groups (LIG), with an annual household income of up to Rs. 6 lakhs and Rs. 12 lakhs, respectively.

Types of housing:

The scheme offers two kinds of housing: In-Situ Slum Redevelopment (ISSR) and Affordable Housing in Partnership (AHP). ISSR aims to provide better accommodation to slum dwellers in urban areas, while AHP targets people who want affordable houses.

Financial assistance:

The scheme provides financial aid through subsidies, tax benefits, and other incentives to developers, financial institutions, and individuals who wish to construct or buy affordable housing. The support can be availed in different forms, such as interest, loan, or direct subsidies.

Priority groups:

The scheme prioritizes certain groups, such as women, senior citizens, and differently-abled people. They can avail of additional subsidies and benefits.

Benefits To The Common Man:

The government’s housing scheme in India has several benefits that go beyond just providing affordable and adequate housing. One of the most significant advantages is improving the living conditions of millions of people in the country. By providing safe and secure housing to citizens, the scheme can help reduce the incidence of diseases, such as tuberculosis and other respiratory infections, often resulting from living in substandard conditions. Additionally, improved living conditions can lead to better educational outcomes, as children will have a more conducive learning environment.

The housing scheme is a game-changer for India, and it can help reduce the number of slums in cities by providing affordable housing options and reducing pressure on infrastructure. Plus, it can boost the real estate sector by creating more jobs and driving economic growth.

It’s great news for people struggling to find a decent living place. The Affordable Housing Scheme offers hope and a chance to improve their standard of living, especially in cities like Mumbai.

Don’t miss out on this chance to own a home and improve your life. Apply now and take the first step towards a brighter future.