PMAY-U: Noida, Greater Noida Homebuyers Can Now Avail Of Subsidy Upto Rs 2.5 L
The Noida property market is known for the wide range of affordable homes owing to which the Uttar Pradesh government, recently, asked the Ministry of Housing and Urban Affairs to include Noida and Greater Noida under the Pradhan Mantri Awas Yojana-Urban (PMAY-U).
This request was made after a large number of homebuyers complained of not receiving the Rs 2.5-lakh subsidy under the PMAY scheme. The UP government clarified that this had happened because they had not sent across the names of these micro-market in the list of towns that were eligible for the subsidy benefit.
Now, those earning up to Rs 18 lakh annually, who had bought houses after January 2017, can expect the subsidy to reflect. There are 22,000 such mid-income homebuyers who could now avail of the benefit. Any adult earning member (married or not) who fulfils all other criteria is eligible to apply for PMAY-U under the Credit-Linked Subsidy Scheme (CLSS) for the middle-income group, effective from January 1, 2017.
It was on June 27 last year that the ministry had amended the scheme and thereafter, the coverage of the PMAY-U was broadened to include the notified planning area under the jurisdiction of an Industrial Development Authority/Special Area Development Authority/Urban Development Authority or any such Authority under State legislation which is entrusted with similar functions.