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The Impact Of PMAY(U) On New Real Estate Projects In Mysore

PMAY(U) On New Real Estate Projects In Mysore

Given that India is the second-most populous country in the world and has been for many years now, it is only expectable that the country is home to people belonging to many financial classes.

Real estate in Mysore is seeing a purge in the number of many new layouts and constructions. Affordable housing in itself was something unheard of until recently. The GoI has come up with many initiatives to make housing affordable across multiple social classes in the society. One such initiative is the Pradhan Mantri Awas Yojana (Urban) or PMAY(U) that was launched in 2015. Real estate in Mysore will also play a major role in supporting the move by the government, like all other states and union territories in India.

The Impact Of PMAY(U) On New Real Estate Projects In Mysore

The main aim of PMAY(U) is to address urban housing shortage that has become a real concern given the increasing population and the gap between demand and supply. The long-term goal of this initiative as decided when it was launched in 2015 was to make pucca house a reality for all urban households, including real estate in Mysore, that are eligible by the year 2022. This is the same year that India as a nation will complete 75 years of independence.

Real estate in Mysore has seen properties of all price ranges as the region has both rural and urban areas, and various social classes in both sections. The common problem in houses in rural areas is the lack of water supply, electricity and even toilets; this may even be seen in certain urban areas. Pucca houses that are aimed by PMAY(U) will have all basic amenities that any house should ideally have, including water supply, electricity, toilets and even kitchens that make the residents’ basic living standards much better as offered by real estate in Mysore.

The PMAY(U) is also a move towards humanity as it not only makes housing a reality for the common man but it does so even for lower social classes such as slum dwellers. The classes that are targeted by the PMAY(U) include economically weaker section (EWS), low-income groups (LIGs) and middle-income groups (MIGs). Like most other regions in India, real estate in Mysore also comprises all these classes to provide for.

The government offers different assistances to different social classes that are eligible to benefit from PMAY(U) scheme. Basically, PMAY(U) is divided into four verticals as are mentioned below:

In-situ Slum Redevelopment (ISSR)

Credit Linked Subsidy Scheme (CLSS)

Affordable Housing in Partnership (AHP)

Beneficiary-led Individual House Construction/ Enhancement (BLC-N/ BLC-E)

The benefits may be in the form of direct monetary central assistance, the value of which varies across different verticals. The central assistance may also be given as subsidy for certain verticals.

Another benefit offered by PMAY(U) is the Affordable Rental Housing Complexes (ARHCs) that aims at making affordable housing possible for migrant workers who have been highly affected by the COVID-19 pandemic. Real estate in Mysore has also seen fluctuations in the number of people moving out of rental houses that they could not longer afford.

There are many more benefits that are a part of the scheme, the latest details of which can be found here. The scheme wants to increase the standard of living of those who are less fortunate on the monetary front. PMAY(U) enables all basic amenities even in a more confined carpet area, making living more comfortable.

GSS Projects is a renowned real estate consultant in Mysore. Clients from all over India have helped us grow by trusting in us and we have given them all the reasons to. Contact us to get expert real estate consultancy services.

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