Through the years, the dream of having a personal dwelling within a major urban center remains a universal dream for many people around the world. Within the last decade, the Indian economy has undergone many transitions like inflation, the impact of the pandemic, as well as earthquakes and floods. However, as an old proverb goes, “Winners never quit.” The Indian population has shown grit in battling through these circumstances and coming out stronger. Similarly, the Indian Government has played an immensely pivotal role in launching several new policies to enhance the lifestyle of the average Indian.
In this blog, we will see several schemes that are being implemented by the Government of India for affordable housing, which include the Pradhan Mantri Awas Yojana-Urban, Maharashtra Housing and Area Development Authority Lottery Scheme, Delhi Development Authority (DDA) Housing Scheme, and many more.
These government-backed programs help individuals, irrespective of their income levels, realize this dream of home ownership.
What is an Affordable Housing Scheme?
As the title goes, affordable housing schemes are initiatives by the government to offer housing services at a lower rate comparative to the free-market price to people belonging to three main sectors based on their incomes in the Indian economy: middle-income groups (MIG), low-income groups (LIG), and economically weaker sections (EWS).
Such programs make sure that first-time homebuyers are prioritized for allocation, financial help, and subsidies so that they are able to reside in well-planned areas that possess proper infrastructure and basic facilities.
Various Affordable Housing Schemes in India
Pradhan Mantri Awas Yojana
In this scheme, EWS, LIG, and MIG families living in urban areas can enjoy an interest subsidy on housing loans. Its mission is to provide more affordable housing solutions through partnerships aimed at constructing new housing and upgrading the existing ones.
Pradhan Mantri Gramin Awas Yojna
The aim of this scheme is to help families residing in rural areas with mud houses (Kaccha Ghar) and provide them with well-structured and better-quality houses (Pakka Ghar). All expenses are covered, including units, materials that are eco-friendly, and highly qualified staff.
Maharashtra Housing & Area Development Authority (MHADA)
This is the state-level authority that concentrates on housing development in cities like Mumbai, Aurangabad, Nagpur, Pune, and the Konkan region. It provides alternatives for mass housing that are affordable.
Maharashtra Housing and Area Development Authority (MHADA) Lottery
The government of Maharashtra, through an online lottery system, provides cost-effective housing to lower and middle-class sections. Such homes are sold at a cheaper rate than the market rate.
Affordable Housing Projects under Pune Metropolitan Region Development Authority (PMRDA)
This project is beneficial for the planned and regulated townships in the city of Pune, as it offers necessary amenities to the families in the city. Projects undertaken by the PMRDA are known for their quality standards and successful Public-Private Partnership initiatives.
Delhi Development Authority Housing Scheme
An authority in Delhi is committed to delivering low-cost housing solutions for those belonging to different economic backgrounds. There is an online draw for allocating ready-to-move flats in the Delhi region.
Checklist: Applying to Housing Scheme
- Check the authenticity of the plan on official government sites.
- It is a prerequisite that the project be RERA registered and possesses all the approvals.
- Check your eligibility for loan and subsidy benefits.
- Evaluate the availability of transport and social infrastructure around the property.
- Conduct a surprise visit to the construction site to inspect the quality of work being done there.
- Check out the work done by the builder and their reputation in the past.
- Double-check the payment terms, maintenance charges, and any hidden charges that might be applicable.
Conclusion
Recently, there have been a high number of people who have relocated from the rural regions to the cities, causing a high demand for lower-cost housing. The Indian government has provided several schemes for affordable housing, including EWS, LIG, and MIG, for people in diverse economic groups. The scheme is a great benefit to those who harbor the dream of owning a house but are not willing to shell out heavy sums.
