People look at out at a construction site (Photographer: Dhiraj Singh/Bloomberg)

Centre Increases Carpet Area Of Houses Under Pradhan Mantri Awas Yojana

The Centre today approved the enhancement of the carpet area of houses for the middle income group category under the Pradhan Mantri Awas Yojana-Urban.

Under the MIG-I category, the carpet area of the houses has been enhanced from 90 square metres to 120 square metres, while under the MIG-II segment, it has been increased to 150 square metres from the current 110 square metre, Union Minister Ravi Shankar Prasad told reporters while briefing them about the Union Cabinet decisions.

Under the MIG-I category, a 4 percent interest subsidy is provided to the beneficiaries, whose annual income is between Rs 6 lakh and Rs 12 lakh, on a loan of up to Rs 9 lakh.

Similarly, under the MIG-II category, the beneficiaries with an annual income of Rs 12 lakh to Rs 18 lakh get an interest subsidy of 3 percent on a loan of up to Rs 12 lakh.

Under the PMAY-U, the Centre aims to provide houses to all the urban poor by 2022. Currently, the shortage of houses is pegged at over 10 million in the urban areas.