>Move expected to benefit 26,419 households in the initial stage.
> Enhancement in UT subsidy will ease financial burden.> Step towards making homeownership more attainable.
Initiative aims to achieve the vision of “Housing for All”.
Srinagar: In a significant move aimed at providing a major boost to affordable housing in Jammu and Kashmir, the Administrative Council (AC) led by Lieutenant Governor Manoj Sinha has approved a substantial increase in the UT subsidy under the Pradhan Mantri Awas Yojana (Urban) – Beneficiary Led Construction (BLC) scheme.
The subsidy has been enhanced from Rs. 16,666 to Rs. 70,326, representing a 430% hike – a game-changer for thousands of families aspiring to own their own homes.
Previously, eligible BLC beneficiaries under PMAY-U were offered an interest-free loan (IFL) in addition to the existing central and UT subsidies. The AC has enhanced UT subsidy to ease the financial burden and make homeownership more attainable.
This move, according to the officials, is expected to benefit 26,419 households in the initial stage, who are identified BLC beneficiaries under PMAY-U but haven’t completed construction of their dwelling units due to financial constraints. “The increased subsidy will significantly reduce their financial burden, enabling them to complete their homes sooner and realize the dream of owning a safe and secure place to live,” an official told Precious Kashmir.
“This decision is a testament to the J&K administration’s commitment to providing affordable housing for all,” he said, adding, “With this enhanced subsidy, the government aims to bridge the gap between aspiration and reality for thousands of families, empowering them to achieve a better standard of living.”
“This is a welcome step that will make a real difference in the lives of people,” said a beneficiary of PMAY-U scheme. “The increased subsidy will significantly reduce our financial burden and help us complete our house construction much faster,” he added.
The enhanced subsidy scheme is not only expected to boost housing construction in J&K but also create employment opportunities in the construction sector. Additionally, it will contribute to the overall economic development of the region by increasing disposable income and promoting social well-being.
“The J&K Government’s decision to significantly increase the UT subsidy under PMAY-U is a commendable step towards achieving the vision of “Housing for All”. This initiative will not only empower families to own their own homes but also contribute to the overall development and prosperity of J&K. With continued focus on such pro-active policies, the dream of a secure and prosperous future for the people of J&K seems closer than ever,” said an observer.
