Cabinet clears affordable rental housing for urban migrants
Key Points on the Rental Housing Scheme:
- Sub-scheme of the Pradhan Mantri Awas Yojana-Urban.
- About 1.03 lakh completed government-funded houses across cities that were yet to be allotted to beneficiaries under existing schemes would be converted into the rental housing complexes.
Working of the Scheme:
- The vacant housing complexes would be converted through 25-year concession agreements.
- The concessionaire would repair or retrofit the homes, maintain the rooms and address any pending infrastructure needs like water, sewerage, roads etc.
- The States and Union Territories would invite bids to select concessionaires.
- The complexes would go back to the local body after 25 years.
Special Incentives:
- Special incentives like use permission, 50% additional FAR/FSI [floor area ratio and floor space index], concessional loan at priority sector lending rate, tax reliefs at par with affordable housing etc. will be offered to private/public entities to develop ARHCs on their own available vacant land for 25 years.
Targeted Beneficiaries
- Targeted beneficiaries of the scheme would be workers who come from rural areas or towns to work in manufacturing, hospitality, health, construction, etc.
- Approximately, 3 lakh beneficiaries will be covered initially.
Envisaged Expenditure:
- An expenditure of ₹600 crores is estimated in the form of technology innovation grant which will be released for projects using identified innovative technologies for construction.
1.png)
