Middle Class Housing Scheme: The Indian government is set to establish specific criteria, including income standards, locations, and types of accommodation, to identify beneficiaries for the upcoming middle-class housing scheme. Sources familiar with the matter revealed that once the housing and urban affairs ministry finalizes these specifications, they will be forwarded to the finance ministry, which will then determine the allocated budget for the scheme.
Government to Define Criteria for Middle-Class Housing Scheme Beneficiaries
The definition, currently under development, will cover aspects such as income levels, types of housing, and geographical locations, providing a comprehensive framework for the middle-class housing initiative. The scheme, announced in the interim budget for FY25 by Finance Minister Nirmala Sitharaman, aims to assist eligible segments of the middle class residing in rented houses, slums, chawls, and unauthorized colonies in purchasing or constructing their own homes.
The initiative aligns with the government’s broader ‘Housing for All’ mission, encompassing flagship programs like the Pradhan Mantri Awas Yojana (PMAY)-Urban and the Pradhan Mantri Awas Yojana-Rural or Grameen schemes. The specific criteria for beneficiaries will play a pivotal role in ensuring the effective implementation of the scheme, contributing to growth and development in the real estate, construction, and plotted development sectors.
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