Massive Construction of Houses under NTR Urban Housing Scheme

Around 35,000 Houses have been given for construction under NTR Urban Housing Programme to Tirupati Urban Development Authority (TUDA).

TDP Government has allowed TUDA to take up the housing scheme in 4 constituencies – Tirupati, Chandragiri, Srikalahasti and Nagari. Middle Class and Poor people residing in 167 villages in these 4 constituencies will be benefited from NTR Urban Housing Scheme.

To avail the benefit under NTR Urban Housing Scheme, the beneficiary will have to contribute Rs. 40,000 against which he will be given a subsidy of Rs. 2.5 lakh by the government.

The NTR Urban Housing Scheme is applicable to the apartments for which the government will grant a subsidy of Rs. 3 lakh. The beneficiary contribution is only Rs. 5000 to the people who come under BPL and Rs. 50,000 to others. The beneficiary should have annual income of maximum Rs. 6,00,000 to avail the scheme.

TUDA is expecting the demand for the houses under NTR Housing Scheme to be around 50,000. It will seek the government to increase the number of houses to be constructed under NRT Urban Housing Scheme.

More Applicants for HDFC Bank Home Loan under HDFC PMAY

HDFC Bank has gradually witnessed an hike in HDFC Bank Home Loan under Pradhan Mantri Awas Yojana or PMAY. HDFC Bank offers HDFC Bank Home Loan to EWS (Economically weaker section) and LIG / MIG (Low and Middle Income Group) Categories under HDFC PMAY.

Nearly, 38% of the HDFC Bank Home Loans have been approved under PMAY in volume terms.

Similarly, about 19% of the HDFC Bank Home Loan has been sanctioned in Value Terms under HDFC PMAY. HDFC Bank has been sanctioning about 8,200 HDFC Bank Home Loans to EWS and LIG Categories under HDFC PMAY on monthly basis.

In the F.Y. 2017-18, HDFC Bank witnessed a surge in HDFC Bank Home Loans to EWS and LIG Categories by 32% and 41% respectively.

The Average ticket size for HDFC Bank Home Loan to EWS (Economically Weaker Section) Category stands at Rs. 10.2 lakh whereas the same for LIG (Low Income Group) Category stands at Rs. 17.4 lakh.

Reasons for more applicants for HDFC Bank Home Loan under HDFC PMAY

The Increase in borrowers for HDFC Bank Home Loan under Pradhan Mantri Awas Yojana or PMAY is due to the following reasons-

Rapid Urbanisation.

Favourable Demographics.

Under-Penetrated Housing Market.

Higher Disposable Income.

Stability in Property Prices.

Attractive Rate of Interest.

HDFC Pradhan Mantri Awas Yojana (PMAY)

HDFC Bank offers HDFC Bank Home Loans to EWS and LIG/MIG Categories at affordable rate of interest and longer tenure under PMAY. Eligible Customers can now avail HDFC Bank Home Loans under PMAY for purchase/construction/extension/improvement of house at easy rate of interest and longer repayment period.

More than 3 lakh Families given Homes under NTR Housing Scheme

Recently, around 3,00,346 families in Andhra Pradesh were handed-over homes under NTR Housing Scheme. This event that celebrated house-warming for around 3 lakh families from weaker sections of the society has been tagged as ‘Guinnees World Record Event’. The beneficiaries for the Housing Scheme were chosen through a Smart Pulse Survey.

So far, the Government has built around 5,80,530 houses under NTR Housing Scheme.

The house sanctioned under the Housing Scheme is constructed on an individual plot with a single- bedroom unit of about 750 sq ft. Carpet area, a living room, kitchen, and a bathroom. Apartment complexes with four floors were built in areas where the land was not available.

The NTR Housing Scheme targets those individuals who belong to the poor sections of the society and cannot afford to buy a home for themselves. By granting them subsidy or giving them a house, the Andhra Pradesh Government seeks to make the state hut-free; where all atleast have a roof over their head.

The Andhra Pradesh government has planned to build around 20 lakh houses by 2019. This would cost it around Rs. 50,000 crore.

In addition to this, the Government has also taken steps to eliminate corruption from the project by ensuring that all the payments are made through NPCI (National Payments Corporation of India) gateway and by regularly monitoring the project’s progress through geo-tagging.