New Delhi : During last two years, under the Pradhan Mantri Awas Yojana-Urban (PMAY-U), 37.57 lakh houses were sanctioned for Economically Weaker Section (EWS) under three verticals, viz. “In-situ” Slum Redevelopment(ISSR), Affordable Housing in Partnership (AHP) and Beneficiary Led individual house Construction or Enhancement (BLC), of which 28.99 lakh have been grounded for construction and 18.50 lakh houses have been completed. Besides, under Credit Linked Subsidy Scheme (CLSS) vertical of PMAY-U, 5.81 lakh EWS beneficiaries have availed the benefit of interest subsidy.
Under ISSR and AHP vertical of PMAY-U, private partnership is envisaged for construction of affordable houses for EWS category and under CLSS vertical interest subsidy is provided on housing loan.
In order to boost the affordable housing, the Union Government has taken various initiatives such as granting of infrastructure status to affordable housing to enable cheaper loan, reduction in Goods and Services Tax on under-construction affordable housing projects from 8% to 1% without Input Tax Credit, increase in priority sector lending for affordable housing projectfrom ₹28 lakh to ₹35 lakh in metros and from ₹20 lakh to ₹25 lakh in non-metros, setting up of Affordable Housing Fund in National Housing Bank, additional income tax deduction of ₹1.5 lakh on account of home loan interest in addition to the deduction of ₹2 lakh for affordable housing, extension of 100% deduction on profits for construction of affordable housing projects under section 80-IBA of the Income Tax Act till 31.03.2022 and widening the scope of section 80-IBA from 30 to 60 square meters in metro and 60 to 90 square meters in non-metro cities.
This information was given by the Minister of State in the Ministry of Housing and Urban Affairs, Kaushal Kishore, in a written reply in the Rajya Sabha today.
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