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Development of Affordable rental housing Complexes for poor approved by the cabinet

Development of Affordable rental housing Complexes for poor approved by the cabinet

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved the development of Affordable Rental Housing Complexes (AHRCs) as part of the Pradhan Mantri Awas Yojana Urban (PMAY – U) for the poor and urban migrants.

Key Points:

  • The Affordable Rental Housing Complexes (AHRCs) will function as a sub-scheme under the Pradhan Mantri Awas Yojana – Urban (PMAY – U).
  • The government will convert the already existing and vacant housing complexes of the government in ARHCs for a period of twenty-five years via a concession agreement.
  • The housing complexes will be made liveable by the concessionaires through repair and maintenance of the infrastructure. The concessionaires for the project will be selected by transparent bidding.
  • The complexes will be returned to the Urban Local Bodies after 25 years to start the next cycle or will be left to run on their own.
  • Private or Public entities that develop ARHCs will receive special incentives such as use permission, 50 percent additional Floor Area Ratio and Floor Space Index, relief from taxes on an equal footing with affordable housing etc.
  • The government has estimated a total outlay of Rs.600 crore as a Technology Innovation Grant.
  • The Housing complexes will also help in reducing congestion, pollution and unnecessary travel.

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