How Does PMAY 2022-23 Make Real Estate Investment More Accessible?

The Pradhan Mantri Awas Yojana was started with the aim to provide affordable housing for the economically disadvantaged section of the Indian population. It is supposed to help the lower-income group segment of India to access real estate investment within their budget. 

The initial plan was to construct over 2 Crore residential units under the PMAY scheme by 2022. In an effort to help Pradhan Mantri Awas Yojana (PMAY), the Minister of Finance has announced that INR 48,000 Crore will be allocated for the construction of 80 Lakh residences across the country in the fiscal year 2022-23. The budget for affordable housing in the previous year was INR 47,390 Crore.

Types of Pradhan Mantri Awas Yojana 2022-23 Schemes

The Pradhan Mantri Awas Yojana rules change even as we move to different areas within the same city. For example, some areas under the city of Indore are classified as rural areas while others are classified as Urban areas. 

Even real estate bought in these areas will be treated differently as per the different registration and stamp duty charges set by the local civic authorities. Thus, we can see two broad categories in the PMAY scheme.

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1. Pradhan Mantri Awas Yojana Gramin

In 2016, the Indira Awas Yojana was renamed the Pradhan Mantri Awas Yojana-Gramin (PMAY-G). This PMAY Scheme is applicable all across India except for the cities of Chandigarh and Delhi. As per the PMAY-G scheme, the government of India and the concerned state government will share the cost of the development of residential units. These units will be available to those eligible to apply to PMAY and are looking for housing in a rural area. 

For the North-East and hilly regions, the cost of construction is divided between the Centre and the State in a 9:1 ratio. However, the division of costs between the Centre and the State for plains is 3:2.

2. Pradhan Mantri Awas Yojana Urban

The Pradhan Mantri Awas Yojana Urban is a part of the PMAY scheme that works in three different stages. Starting with Phase 1, the government of India decided to apply the scheme to select 100 cities. In the second phase, another 200 cities were added to this list and the third phase was supposed to focus on all and any remaining cities. There are roughly 4300 cities and towns that fall under PMAYUrban.

Eligibility for the Pradhan Mantri Awas Yojana Scheme 2022-23

The beneficiaries included under PMAY 2022-23 are people from the SC, ST, and OBC Categories. Women from the EWS and LIG categories are also included in the PMAY Scheme.

The following are the beneficiaries of the PMAY scheme:

1. Middle Income Group 1 (MIG 1) with an annual income of INR 6-12 Lakhs

2. Middle Income Group 2 (MIG 2) with an annual income of INR 12-18 Lakhs

3. Lower Income Group (LIG) with an annual income of INR 3-6 Lakhs

4. Economically Weaker Section (EWS) with an annual income up to INR 3 Lakhs

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If you belong to one of the above-mentioned income groups, you can avail the benefits of the Pradhan Mantri Awas Yojana if your:

1. Are above 18 years old

2. Do not own a house in India

3. Have never received a grant from the government for a house

Documents required to apply for the Pradhan Mantri Awas Yojana 2022-23

The following are the documents that anyone wishing to apply to the Pradhan Mantri Awas Yojana 2022-23 needs to furnish at the time of application.

1. ID proof copy

2. Address proof copy

3. Aadhaar card copy

4. Income proof copy

5. Property Valuation Certificate

6. NOC from the concerned authority

7. Affidavit stating you and your family do not own a house in India.

How to Apply for the Pradhan Mantri Awas Yojana 2022-23: Offline

The government has collaborated with a few banks to make the offline application forms for PMAY largely available to the public. In case you wish to apply for the PMAY 2022-23 scheme offline, just walk into your nearest Common Services Centre (CSC) or an affiliate bank to pick up an application form. You will be charged a fee of INR 25 for the same. Please do not forget to take the above-mentioned documents as you go to fill in your PMAY 2022 application.

How to Apply for the Pradhan Mantri Awas Yojana 2022-23: Online

To apply to PMAY online, follow these simple steps:

Step 1: Log onto https://pmaymis.gov.in 

Step 2: Once you’re here, look at the second tab of Citizen Assessment on the top row. You will find a drop-down menu attached to this option. From the drop-down menu, select Apply Online and select the category you want to apply under.

Step 3: After making the previous selection, you will be prompted to fill in your Aadhar Details. Do so and click check to verify them.

Step 4: Post this, you will be redirected to a detailed form that you need to fill out to make a valid PMAY application. Once you fill out this form and click submit, you will have applied for the Pradhan Mantri Awas Yojana 2022-23.

If you fit under any of the categories mentioned above and wish to invest in real estate in India, PMAY is an excellent opportunity for you to do so.

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