Big gift from Modi government for urban migrants/poor - Affordable rental housing complexes
In a major development, the Modi government has approved the development of Affordable Rental Housing Complexes (AHRCs) for urban migrants/poor.
In a major development, the Modi government has approved the development of Affordable Rental Housing Complexes (AHRCs) for urban migrants/poor. The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for developing of Affordable Rental Housing Complexes (AHRCs) for urban migrants/poor as a sub-scheme under Pradhan Mantri AwasYojana – Urban (PMAY – U). Here is all you need to know:-
- The existing vacant government-funded housing complexes will be converted in ARHCs through Concession Agreements for 25 years.
- The concessionaire will make the complexes livable by repair/retrofit and maintenance of rooms and filling up infrastructure gaps like water, sewer/ septage, sanitation, road etc. States/UTs will select concessionaire through transparent bidding.
-Complexes will revert to Urban Local Bodies - ULB after 25 years to restart next cycle like earlier or run on their own.
- Special incentives like use permission, 50% additional FAR/FSI, concessional loan at priority sector lending rate, tax reliefs at par with affordable housing etc. will be offered to private/ public entities to develop ARHCs on their own available vacant land for 25 years.
"A large part of the workforce in manufacturing industries, service providers in hospitality, health, domestic/commercial establishments, and construction or other sectors, labourers, students etc. who come from rural areas or small towns seeking better opportunities will be the target beneficiary under ARHCs," a government statement said.
An expenditure of Rs 600 Crore is estimated in the form of Technology Innovation Grant which will be released for projects using identified innovative technologies for construction. Approximately, three Lakh beneficiaries will be covered initially under ARHCs.
Ministry of Housing & Urban Affairs (MoHUA) has initiated an Affordable Rental Housing Complexes (ARHCs) for urban migrants/poor as a sub-scheme under Pradhan Mantri Awas Yojana (Urban). The scheme was announced by the Finance Minister on 14 May, 2020. This scheme seeks to fulfil the vision of 'Atma Nirbhar Bharat.
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