PMAY- Pradhan Mantri Awaas Yojana
Summary
Things to Remember
1. A subsidy ranging from 1 lakh to 2.67 lakhs can be availed. Those belonging to the MIG1(up to 2.35 Lakhs), MIG 2 (up to 2.30 Lakhs) & LIG (up to 2.67 Lakhs) of the society. This is paid as a grant by the Government directly to the beneficiary’s loan account.2. An interest rate subsidy of 6.5 % for LIG, 4% for MIG1 and 3% for MIG2 could be applied by those who plan to avail loans for a period of 20 years – a drastic reduction from the standard rates offered by banks which is around 8.3 to 9%.
3. The ‘Pradhan Mantri Awas Yojana’ can be considered as a pro-women initiative as there is a preference given to women applicants under this scheme. Simply put, women applicants will be given more weight over their male beneficiaries when it comes to availing schemes under this initiative.
4. As the ‘Pradhan Mantri Awas Yojana’ will mainly be based on designing apartment projects around the country to meet the housing demands of the common man, the ground floor of each complex will be reserved for differently-abled and/or senior citizens.
5. Homes to be built under the “Pradhan Mantri Awas Yojana’ will have to follow certain specified building standards to ensure that they are constructed in-sync with the environment, or in other words, ensure that they’re eco-friendly.
6. First Home Buyers: Beneficiary families not owning a house in any part of India are only eligible to avail subsidy under this scheme.
A practical example
Assume that a loan of around 6 lakhs for 20 years is applied. Today’s average interest rate hovers around the 8.5% mark. A bit of math and the calculated EMI comes to around INR 5,207 per month. The same figures under the ‘Pradhan Mantri Awas Yojana’ will only cost you INR 3035 per month, a reduction of over 2000 rupees, making the dream of owning your own space a reality for those in the LIG, MIG1 and MIG2.Some important rules
1. The maximum loan amount to avail the subsidized rates are set at INR 6 lakhs for LIG, 9 Lakhs for MIG1and 12 Lakhs for MIG2.2. For those wanting more, the market rates for home loans will have to be paid for the amount over and above.
Affordable housing projects in Bangalore
SOUTH BANGALORE
ATTIBELE
Attibele is an area in south Bangalore that provides affordable housing.the average price per sqft in attibele is rs 2,767.Located on the outskirts of the city, it is one of the areas which is still under development but in the coming years, the outskirts areas are expected to be into the mainstream city.With the rising population in Bangalore, attibele is one of the areas that are stress-free from traffic and congestion. Ds max sarovar, aryan golden arena, janaadhar shubha, indya the greens are some of the projects in Attibele to look out for.The affordable housing projects are with a price range from Rs 15 lakh to 30 lakh.DS MAX SAROVAR
Location: Attibele
Rate: Rs 2499/sqft
Configuration: 1, 2 BHK Apartments
Price range: 19.55 Lacs – 40.97 Lacs
No. Of dwelling units: 392 units, 4 buildings
Total construction area: 4.95 acres
Developer: DS-Max Properties
ARYAN GOLDEN ARENA
Location: Off Sarjapura – Attibele Road, Near Vidriguppe Bus Stop, Attibele, Bangalore
Rate: Rs 2200/sqft
Configuration: 2, 3 BHK Apartments
Price range: 18.99 Lacs – 30.99 Lacs
No. Of dwelling units: 720 units, 10 buildings
Total construction area: 5.5 acres
Developer: Aryan HomeTec Pvt Ltd
JANADHAAR SUBAHAR
Location: M.Medahalli Village, Attibele – Anekal Road, Bangalore Urban
Rate: Rs 3896/sqft
Configuration: 2 BHK Apartments
Price range: 17.83 Lacs – 18 Lacs
No. Of dwelling units: 392 units, 4 buildings
Total construction area: 6.5 acres
Developer: Janaadhar Constructions Pvt Ltd
INDYA GREENS MAPLE
Location: Plot No-497, Anekal Road, Bangalore
Rate: Rs 2875/sqft
Configuration: 2 BHK Apartments
Price range: 21.56 Lacs
No. Of dwelling units: 200 units, 5 buildings
Total construction area: 20 acres
Developer: Indya Estates
DODDATHOGURU
Doddathoguru is another area that has gained a lot of attention from the investors due to its affordable price. Due to the high price in the Electronic City, the buyers have shifted their interest from Electronic City to Doddathoguru. Doddathoguru has been famous for its 1&2 bhk configurations.while the average per sq ft price in the electronic city is rs 4200, doddathoguru’s average price per sq ft is 3800 sq ft.Manya Hi Living, DS Max Sky Classic, JMR Lotus, Sujana Apartments are some of the projects that provide affordable housing with a price range from Rs 35 lakh to 50 lakh.MANYA HI LIVING
Location: Doddathogur Main Road, Near Hcl, Doddathoguru, Electronic City, Bangalore
Rate: Rs 3100/sqft
Configuration: 3 BHK Apartments
Price range: 40.03 Lacs
No. Of dwelling units: 100 units 2 towers
Total construction area: Not available
Developer: Manya Hi Living
DS MAX SKY CLASSIC
Location: Near SKF Factory, Hullimangala Road, Electronic City Phase I, Bangalore
Rate: Rs 2700/sqft
Configuration: 2,4 BHK Apartments
Price range: 26 Lacs – 68 Lacs
No. Of dwelling units: 231 units 1 tower
Total construction area: Not available
Developer: DS-Max Properties
JMR LOTUS
Location: Electronic City Phase I, Bangalore
Rate: Not Available
Configuration: 2,3 BHK Apartments
Price range: 22.26Lac – 51.23Lac
No. Of dwelling units: 76 units 1 tower
Total construction area: 0.50 acres
Developer: JMR Developers Pvt Ltd
SUJANA APARTMENTS
Location: 1st Main Road, Near Rainbow Super Market, Phase 1, Electronic City, Bangalore
Rate: Rs 2660/sqft
Configuration: 2 BHK Apartments
Price range: 28 Lacs
No. Of dwelling units: 45 units 1 tower
Total construction area: Not available
Developer: Sujana Builders
AREKERE
Arekere has recently gained popularity due to the high availability of affordable housing over its neighbor Hulimavu. The price in Arekere stands at Rs 4600-4800 per sq ft. Hulimavu had a price range of 5200-5400 INR per sq ft. Arekere which is located along the Bannerghatta Road is constantly gaining the eyes of prospective investors. Due to its adjacency to IIM-Bangalore and BPO, IT companies have made it more popular than its neighboring areas. Spring Leaf, Shravanthi Pristine, Pravabhvati Residency, Niranjan Maxima are some of the Projects in the area that is offering affordable housing from 30 lakh to 50 lakh.AXIS SPRING LEAF
Location: Arekere, Bangalore
Configuration: 3 BHK Apartments
Price range: 58.50 Lacs
Developer: Axis Concept Construction Pvt Ltd
SHRAVANTHI PRISTINE
Location: Bannerghatta Road
Rate: Rs 2875/sqft
Configuration: 1,2,3,4 BHK Apartments
Price range:36.54 Lacs – 65.34 Lacs
No. Of dwelling units: Not available
Total construction area: Not available
Developer: Shravanthi group
PRABHAVATHI RESIDENCY
Location: Begur
Rate: Rs 5024/sqft
Configuration: 2 BHK Apartments
Price range: 42 Lacs
No. Of dwelling units: Not available
Total construction area: Not available
Developer: Prabhavathi Builders
NIRANJAN MAXIMA
Location: Arakere
Rate: Rs 3400/sqft
Configuration: 2 BHK Apartments
Price range: 39.17 Lacs – 40 Lacs
No. Of dwelling units: 60 units, 1 building
Total construction area: Not available
Developer: Niranjan Developers
NORTH BANGALORE
North Bangalore has affordable housing projects but they are in limited numbers. Due to high demand and proximity to the airport, the prices in north Bangalore have gone up. North Bangalore is still considered to be an area for affordable housing projects in areas like Bisuvanahalli and Vidyaranyapura. The price range of area per sqft in Bisuvanahalli is Rs 3,272 – 3,868 whereas the price range for the area in Vidyaranyapura is Rs 3,698 – 4,335. Provident Welworth city, aurora iris in Bisuvanahalli are providing affordable housing at a range of 26-35 lakh. On the other hand, Sashank Anutham, DS Max Silver Nest in Vidyaranyapura are providing housing at a range of Rs 30-50 lakhs.
SASHANK ANUTHAM
Location: Kodigehalli
Configuration: 2, 2.5, 3 BHK Apartments
Price range: Rs 38.93 Lacs – 65.97 Lacs
Total construction area: 1 acre
Developer: Sashank Constructions
DS MAX SILVER NEST
Location: Vidyarayanapura
Rate: Rs 4910/sqft
Configuration: 2,3 BHK Apartments
Price range: 55 Lacs
No. Of dwelling units: 80 units 2 towers
Total construction area: Not available
Developer: DS-Max properties
PROVIDENT WELWORTH CITY
Location: Doddaballapur
Rate: Rs 2976/sqft
Configuration: 2,3 BHK Apartments
Price range: 40 Lacs
No. Of dwelling units: 3360 Units 61 Towers
Total construction area: 41 Acres
Developer: Provident Housing Limited
ARUN PATIOS
Location: Yelahanka
Rate: Not Available
Configuration: 1,2,3 BHK Apartments
Price range: 30-40 Lacs
No. Of dwelling units: 248 Units 5 Towers
Total construction area: 5.63 Acres
Developer: Arun Shelters
SOUTHEAST BANGALORE
Electronic city
GM AMBITIOUS ENCLAVE
This affordable housing project situated in Electronic city is developed by gm infinite group. With an Aluminium System Framework with RCC Wall & Slab and flats made with the Vaastu concept. It has amenities like swimming pool, yoga court, jogging track, badminton and many more.Location: Electronic City
Configuration: 1,2,3 BHK Apartments
Price range: Rs 13.90 – 27.68 lacs
No. Of dwelling units: 2359 units, 1 Building
Total construction area: 10.6 acres
Developer: GM Infinite
PURNIMA ELITE
This project by Purnima build tech is located off Hosur road, near electronic city. Developed over 2 acres of land with 45% open, it consists of several amenities like swimming pool, jogging track, gymnasium, multi-purpose hall, cafe, etc.Location: Survey No. 136 & 137, Kammasandra village, near Kammasandra school, Anantha Nagar,
Rate: 2,900/sqft
Configuration: 1.5, 2, 3 BHK Apartments
Price range: Rs 18.85 – 35.21 lacs
No. Of dwelling units: 236 units, 3 Buildings
Total construction area: 2 acres
Developer: Purnima Build Tech
PRISTINE TEMPLE BELLS
Location: Kammasandra, Electronic City
Rate: Rs 3000/sqft
Configuration: 1,2 BHK Apartment
Price range: 18.75 Lacs
Developer: Pristine Builders
THE GREEN TERRACES
Location: Electronics City Phase I, Bangalore
Rate: Rs 4444/sqft
Configuration: 1,2,3 BHK Apartment
Price range: 35.77 Lacs
No. Of dwelling units: 393 units 2 Towers
Total construction area: 2 acres
Developer: Keya Homes Private Limited
SARJAPUR ROAD
SNR VERITY
This project has been developed by SNR square builders. Located in Sarjapur, Bangalore East, it consists of a total of 128 units divided into 4 buildings spread over 1 acre of land with 30% open. The amenities include a landscaped garden, badminton, tennis and basketball courts within the complex along with a visitor car parking.
Location: Thindlu village, Sarjapur Bus stop
Rate: Rs 2850/sqft
Configuration: 1, 2, 3 BHK Apartments
Price range: Rs 13.88 – 29 lacs
No. Of dwelling units: 128 units
Total construction area: 1 acre
Developer: SNR Square Pvt Ltd
CELEBRITY SQUARE
The project is located at Attibele-Sarjapur road, Bidaraguppe is complete with modern amenities like a swimming pool, gymnasium, indoor games room, children’s play area, landscaped garden, shuttled court etc and consists of 2 buildings and 50 units in total spread over 2 acres of land with 50% open.Location: S. No. 323 and 324/3, Bidarguppe village, Sarjapur Attibele road main road,
Rate: 2,600/sqft
Configuration: 2,3 BHK Apartments
Price range: Rs 21.58 – 28.91 lacs
No. Of dwelling units: 50 units, 2 Buildings
Total construction area: 2.5 acres
Developer: Celebrity Structures Pvt Ltd
DESIGN TECH BRINDAVAN
This project is developed by design tech builders and developers and consists of 1 building with 45 units and is located in Kada Agrahara locality. It comprises of many amenities including landscaped garden, gymnasium, play area, community hall etc.Location: Site no. 30, trinity home estate, Swampura village, Sarjapur road
Rate: 2,400/sqft
Configuration: 2 BHK Apartments
Price range: Rs 24.36 – 24.96 lacs
No. Of dwelling units: 45 units, 1 Building
Developer: Design Tech Builders and Developers
EAST BANGALORE
SAROJ HARMONY
Location: Halasahalli
Rate: Rs 3800/sqft
Configuration: 2, 3 BHK Apartments
Price range: Rs 47.88 lacs
No. Of dwelling units: 159 units
Developer: Saroj Group
GOLDEN DAYS
Location: Harlur, Sarjapur Road
Rate: Rs 4482/sqft
Configuration: 2, 3 BHK Apartments
Total construction area: 8.0 acres
Price range: Rs 41.54 lacs – 73.73 lacs
No. Of dwelling units: 520 units
Developer: Golden Gate Properties LTD
SVS TIARA
Location: K R Puram
Rate: Rs 2599/sqft
Configuration: 2, 3 BHK Apartments
Total construction area: 2 acres
Price range: Rs 24.66 lacs – 37.56 lacs
No. Of dwelling units: 152 units
Developer: SVS Constructions (website under development)
PROMINENT VISTARA
Location: Varthur
Rate: Rs 3200/sqft
Configuration: 2, 3 BHK Apartments
Total construction area: 1 acre
Price range: Rs 28.80 lacs – 40.96 lacs
No. Of dwelling units: 44 units
Developer: Prominent Homes
ADITHYA ESQUINA
Location: Sorahunase
Rate: Rs 3100/sqft
Configuration: 2,3 BHK Apartment
Price range: 28.9 Lacs
No. Of dwelling units: 116 units
Total construction area: 1.5 acres
Developer: Adithya Constructions
WEST BANGALORE
SHREE NILAYAM 3
Location: Tunganagara
Rate: Rs 3100/sqft
Configuration: 2, 3 BHK Apartments
Price range: Rs 31.93 – 44.95 lacs
No. Of dwelling units: 40 units
Total construction area: 2 acres
Developer: Shree Karam Estates
PEACE DESIRE
Location: Annapurneshwari Nagar
Rate: Rs 3500/sqft
Configuration: 2, 3 BHK Apartments
Price range: Rs 34.89 – 60.92 lacs
No. Of dwelling units: 44 units
Total construction area: 0.41 acres
Developer: A Peace Projects LLP
FATEH PERFECT
Location: Nagarbhavi
Rate: Rs 4500/sqft
Configuration: 2 BHK Apartments
Price range: Rs 47.57 – 57.96 lacs
No. Of dwelling units: 35 units
Developer: Fateh Buildtech
GRIHA MITRA
Location: Raja Rajeshwari Nagar
Rate: 3,200/sqft
Configuration: 2 BHK Apartments
Price range: Rs 37.9 – 45.4 lacs
No. Of dwelling units: 290 units, 5 Buildings
Total construction area: 3 acres
Developer: Griha Mitra
VAASTU HILL VIEW 3
Location: Gattigere, RR Nagar
Rate: Rs 3900/sqft
Configuration: 2,3,4 BHK Apartment
Price range: 36.66 lacs
No. Of dwelling units: 79
Total construction area: 0.95 acres
Developer: Vaastu Structure Builders
SWARNA GRIHA
Location – Tumkur
Rate – 2300-sq ft
Configuration – 1 BHK
Price Range – 11.49
No. of units – 268
Total Construction Area- 1 acre
Developer – Swarna Griha
PMAY (Urban) has been implemented to provide an affordable housing solution for people living in urban centers across the nation including slum dwellers. As observed, the demand for slum dwellings is expected to reach up to 18 million by 2022. Therefore, about 20 million affordable homes are planned to be developed under the scheme to meet the anticipated housing demand.
To receive financial aid from the Government under PMAY (Urban) scheme, the beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.