GNIDA Initiative – Building of 10,000 flats under PMAY

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The Pradhan Mantri Awas Yojana or PMAY scheme was introduced in July 2015 and is a housing initiative flagged off by the Central Government of India. With an aim to ensure affordable housing among all the people of the country, it offers subsidies on housing purchases across categories. The authorities aim to ensure ‘Housing for All’ by the year 2022 through the PMAY scheme. Over the period of six years, this housing scheme has been widely implemented in different states and union territories of the country.

To further elevate the noble efforts through the PMAY scheme, the Greater Noida Industrial Development Authority (GNIDA) has decided to undertake the construction of 10,000 affordable homes. These housing units will be issued to individuals belonging to the Economically Weaker Sections (EWS) and Low-Income Groups (LIG) listed under the Pradhan Mantri Awas Yojana.

Key Features of the Project:

As part of the above-stated project of developing the 10,000 housing units, here are some key features to note.

  • The size of each affordable housing unit will range from 245.09 sq ft to 30 sqm.
  • Of the total land used, 10% of land can be converted for commercial purposes. This will serve as an incentive for the developer.
  • The homes constructed under this PMAY scheme will cost र 6 lakh and above.
  • The developers will receive a benefit of up to र 2.5 lakh. Of the given amount, र 1.5 lakh will be covered by the Central Government whereas र 1 lakh will be covered by the State Government.
  • The 10,000 homes will be built in three sectors i.e Sector 1, Sector 2 and Sector 3.

As per the statement released by the officials, a survey that commenced on February 1st, 2021 is being used to select the beneficiaries for the scheme. The State Government has already given authorities the target to undertake the construction of 50,000 housing units. Additionally, developers are being offered lucrative incentives through the allotment of 10% land for use or commercial purpose. It is viable to note that builders were earlier offered just 1% of the land that could be used commercially.

Narendra Bhooshan, the CEO of GNIDA stated, “We have earmarked sectors 1, 2 and 3 for the affordable homes. They will be built with public-private collaboration under the PMAY scheme. For this, a survey of the beneficiaries will begin on February 1.

Another official stated that the incentive of 10% land being offered for commercial purposes and builders will be selected to develop the housing units. The land offered is a great initiative as it encourages developers to undertake the project. The offered land percentage can be used to construct shops and market complexes.

The PMAY scheme further encourages builders to undertake construction as they receive a grant of र 2.5 lakh for every flat. Of the given amount, र 1.5 lakh will be covered by the Centre and the other र 1 lakh will be borne by the State.

Conditions to be Followed by Developers
The builders have to meet certain obligations pertaining to the delivery of flats. Under the PMAY scheme, at least 250 flats or 35% of the total constructed flats have to be delivered under the EWS category.

The Noida Authority and Yamuna Expressway Industrial Development Authority (YEIDA) too have collaborated on the PMAY scheme. As per sources, the Noida homes are likely to be constructed in sectors 145, 152 and 154. YEIDA is likely to consider Sector 18 off the Yamuna Expressway.

The Pradhan Mantri Awas Yojana has effectively ensured housing for the economically weaker and low-income groups of the society. The greater efforts made by state governments has further ensured that a larger population can take advantage of the yojana.

Visit Finserv MARKETS to stay updated on the PMAY list and avail the best benefits.

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