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PMAY-U 2.0 Approved: Revolutionizing Urban Housing in India

PMAY-U 2.0, approved by the Union Cabinet on August 9, 2024, aims to provide housing for 1 crore urban poor and middle-class families as part of the "Housing for All" policy.

Overview and Objectives of PMAY-U 2.0

Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 approved by Union Cabinet on August 9, 2024
Previously PMAY-U (2015-2024)
Aims to provide housing for 1 crore urban poor and middle-class families
Part of the "Housing for All" policy
Five-year duration with ₹10 lakh crore total investment
₹2.30 lakh crore government subsidy

Eligibility Criteria and Beneficiary Categories

Covers Economically Weaker Section (EWS), Low Income Group (LIG), and Middle Income Group (MIG)
EWS: Annual income up to ₹3 lakh
LIG: Annual income up to ₹6 lakh
MIG: Annual income up to ₹9 lakh
Beneficiaries must not own a permanent house anywhere in India
Applicable in all towns listed in 2011 Census and urban planning areas

Components and Financial Assistance

Beneficiary-Led Construction (BLC): Financial aid for EWS to build on own land
Affordable Housing in Partnership (AHP): Support for EWS in partnership-built houses
Affordable Rental Housing (ARH): Rental units for specific groups (e.g., workers, students)
Interest subsidy: 4% on first ₹8 lakh of loans up to ₹25 lakh (house value up to ₹35 lakh)
Maximum subsidy of ₹1.80 lakh in 5-yearly installments
Credit Risk Guarantee Fund increased from ₹1,000 crore to ₹3,000 crore

Implementation and Technological Innovation

Nodal ministry: Ministry of Housing and Urban Affairs
Funding pattern: 60:40 (Centre:State), 90:10 for UTs with legislature, 100% Central for other UTs
States/UTs required to formulate "Affordable Housing Policy" with specified reforms
Technology & Innovation Sub-Mission (TISM) to promote modern, green technologies
Focus on faster construction and disaster-resistant, climate-smart buildings

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