Home / News / India /  Govt to give benefits for affordable housing

Incentives and benefits including free floor area ratio (FAR), concessional project finance, and trunk infrastructure facilities free of cost will be part of the affordable rental housing complexes (ARHCs) for urban migrants and poor, Union minister for housing and urban affairs Hardeep Singh Puri said on Wednesday, even as he launched a portal for the scheme and released the guidelines.

The scheme under Pradhan Mantri Awas Yojana—Urban has been launched to provide dignified and affordable living spaces to urban migrants and the poor, including industrial and construction workers, migrants working with market associations, educational and health institutions, hospitality sector, long-term tourists, visitors, and students.

“To make this a lucrative and viable business opportunity for entities, the central government will provide concessional project finance under affordable housing fund and priority sector lending, exemption in income tax and goods and services tax and technology innovation grant for promotion of innovative technologies in ARHCs. Further, governments of the states and Union territories will provide use permission changes, 50% additional FAR free of cost, single window approval within 30 days, trunk infrastructure facility and municipal charges at par with residential property," a statement by the ministry said.

The scheme was announced by the central government in May and received cabinet approval in July. This comes at a time when the extended lockdown to control the spread of covid-19 saw a large number of migrant workers head to their villages.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout