While announcing the stimulus package for small developers recently, the Narendra Modi Government launched Rental Housing Scheme as part of the Pradhan Mantri Aawas Yojana (PMAY).
While announcing the stimulus package for small developers recently, the Narendra Modi Government launched Rental Housing Scheme as part of the Pradhan Mantri Aawas Yojana (PMAY). The decision has gone down well among the real estate developers as they believe this move will work as a booster dose for affordable housing and help Modi Government to achieve its Housing for All target by 2022.
Hailing the Modi Government’s Rental Housing Scheme launch, Sriram Chitturi, Founding President – Rental Housing Association of India said, “We welcome the Government’s step to launch the rental housing scheme as a part of PMAY. The rental housing industry has been demanding this as it will really help the Government to achieve their goal. The decision of converting government-funded housing in cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire came at the right time as the country was struggling to provide quality shelter for migrant workers and blue collar workforce during the lockdown. This decision will also be a stepping stone towards organising the unorganised rental housing sector in India.”
On how this Rental Housing Scheme will enable migrant workers to have an organised and secured living space, Amit Modi, President Elect at CREDAI — Western UP chapter said, “Government has encouraged institutions, industries, associations to come forward and develop affordable rental housing complexes on or near their sites. This comes under the Pradhan Mantri Awas Yojana, and plans to give the migrant labour and working force an organised and secured living space. PPP mode oriented projects will guarantee the inmates several amenities at a reasonable cost; however we are keen on knowing more about this scheme’s regulations and policies.”