The Union Housing and Urban Affairs Ministry on Tuesday said that interest subsidy under Prime Minister Awas Yojna (Urban) will not be extended if the project is not registered with the Real Estate Regulatory Authority (RERA). The Ministry has planned to set up a common online platform for the RERA of all States and UTs, a move which will provide an opportunity to homebuyers, builders and authorities to exchange views.
According to Housing and Urban Affairs secretary, Durga Shankar Mishra homebuyers will not be able to avail Credit Linked Subsidy Scheme (CLSS) under the mission if real estate project is not registered under RERA. Under PMAY (U), home-buyers can avail an interest subsidy of upto 2.67 lakh.
Mishra said that with the common platform froe RERA , the real estate law will become "more strong". We are working to introduce a common platform where RERA of all states and Union Territories (UTs) can exchange their views. With this, RERA will be more strong," he said.
As many as 14,170 crore has been disbursed and over 6.32 lakh are beneficiaries under credit linked subsidy scheme (CLSS) under the Prime Minister Awas Yojna (Urban).
Under the Real Estate (Regulation and Development) Act, 2016, all states are mandated to constitute their respective real estate regulator RERA which provides proper protection to home buyers. As many as 30 states and UTs have notified RERA, but West Bengal has notified its own real estate regulator — Housing and Industrial Regulation Act, 2017 (HIRA). In July last year, the ministry had sought the opinion of the Law Ministry over West Bengal notifying its own real estate law instead of implementing the Real Estate (Regulation and Development) Act enacted by Parliament.
Earlier, interacting with media on the occasion of the fourth anniversary of the Prime Minister's flagship programmes-PMAY (Urban), Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart City Mission (SCM), Union Housing and Urban Affairs minister Hardeep Singh Puri said that people should for those project which is registered with the RERA.
The minister expressed confidence that the target of completion of constructions of all houses under Pradhan Mantri Awas Yojana -Urban will be achieved by the end of 2020 as against the target of 2022. The minister validated demand for total houses under the scheme is one crore and so far more than 81 lakh houses have been sanctioned. He said, sanctioning of all the houses will be made by 1st quarter of next year. Puri expressed hope that all the houses will be handed over to the beneficiaries by 2020. The Minister said, an investment of Rs 8 lakh crore rupees has been made in these three schemes. "The PMAY (Urban), AMRUT and SCM are not only transforming the Urban Landscape of the country but also ensuring ease of living for the citizens," he said.
Earlier, Prime Minister Narendra Modi on Tuesday said his government is committed to further improving urban infrastructure and will leave no stone unturned to fulfili the dream of housing for all.Taking to Twitter, Prime Minister Narendra Modi said, "Four years ago, today we started important initiatives PM Awas Yojana (U), AMRUT, Smart Cities with the aim of #TransformingUrbanLandscape in India. These initiatives have not only helped usher in a new paradigm of urban development but have also transformed crores of lives." In another tweet, he said, "These initiatives have seen record investment, speed, use of technology and public participation. We are committed to further improving urban infrastructure. No stone will be left unturned to fulfil the dream of Housing for All, which will give wings to crores of aspirations."
Highlighting the achievements of these three programmes, he said as compared to overall investment of Rs 1.57 lakh crore during 2004-14, the investment in Urban rejuvenation during 2014-19 is Rs 10.31 lakh crore which translates into 554 per cent increase.