While the housing situation in India is no different, real estate developers and the Indian government have focused on affordable housing projects, which are slowly but steadily reversing the trend of insufficient housing in the country.
The following are some of the government’s initiatives for affordable housing
The Housing for All Mission, is a government of India initiative to create affordable housing spaces for the economically deprived living in urban areas.
By the end of March 2022, the government hopes to have provided two crore affordable homes to the urban poor.
The Pradhan Mantri Awas Yojana, also known as PMAY, was launched in 2015 as part of the Housing for All Mission.
This credit-linked subsidy scheme offers an interest subsidy to those applying for a home loan under PMAY with the goal of providing adequate and affordable housing for the urban poor.
The Centre launched SWAMIH (Special Window for Affordable and Mid-Income Housing Investment) in 2019. A handsome sum of Rs 25,000 crore has been set aside under this investment fund to complete stalled RERA mid-income and affordable housing developments.
The SWAMIH investment fund aims to finish more than 1,500 projects across the country, with over 4.5 lakh homes still unfinished.
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