Avail PMAY scheme before it expires: CREDAI
   Date :09-Feb-2020

Avail PMAY scheme before
Business Bureau :
The Confederation of Real Estate Developers Association of India (CREDAI) on Saturday urged the home seekers to avail the Pradhan Mantri Awas Yojana (PMAY) Credit-Linked subsidy scheme before it expires for MIG-1 and MIG -2 categories. The office-bearers of Nagpur unit of the apex body of registered real estate builders and developers in India, said that the sizable number of the buyers are not aware of the fact that the scheme will lapse on March 31, 2020 for MIG-1 and MIG -2 categories. Addressing a press conference here, President of the CREDAI Nagpur Mahesh Sadhwani said that large number of potential buyers are under impression that the scheme would continue even in the next fiscal.
“However nobody knows whether the scheme would get extention for MIG-1 and MIG -2 categories,” he said addding the Central Governmnet had already extended the scheme till March 2020. Earlier the scheme was valid till March 2019. “It is high time for the home seekers to buy households within next 45-50 days so that first time home buyers could get the subsidy,” he added.
Terming the scheme highly attractive, Santdas Chawla, Chairman Nagpur CREDAI, said that it gives much needed sudsidy of more than Rs 2.30 lakh to the buyers. Large numger of buyers are already availing the scheme but the number of beneficiaries could further go up. We need to make the people aware of the fact that it is avilable for the very short span of time,” he said. “Many first-time home buyers have so far availed the subsidy in Vidarbha and the number is rapidly increasing,” Gaurav Agarwala - General Secretary of CREDAI Nagpur, observed. A large section of the home seekers are eligible for the scheme that offers Credit Linked Subsidy Scheme (CLSS) and provides interest subsidy to first-time home buyers. But majority of them are not aware of the scheme for one or the other reason .
It is important to note that the Government agencies and even builders and developers are putting efforts to reach out to the buyers. The builders and developers are also assisting the buyers to avail the scheme. CREDAI said that it is right time for home-seekers to buy residential block under the scheme. Buyers having Rs 6 lakh to Rs 12 lakh annual income fall in MIG-1 category while those earning Rs 6 lakh to Rs 18 lakh per annum come under MIG-2 category. Apart from this there is EWS and LIG-1 category who earn up to Rs 6 lakh per annum. The PMAY is valid for EWS and LIG-1 category till March 2022 but for MIG-1 and MIG -2 categories it expire on March 31, 2020. In EWS and LIG-1 category, the beneficiary will get maximum subsidy of get Rs 2.67 lakh while in MIG-1 and MIG-2 categories the maximum subsidy will be Rs 2.35 lakh and Rs 2.30 lakh respectively. Prashant Sarode, Senior Member, CREDAI Nagpur; Sunil Duddalwar; office-beaer; Anil Nair - IPP; Ashok Chandak - Treasurer and others were present on the occasion.