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India’s real estate sector has been a significant growth driver for the economy, contributing to GDP and employment. To further stimulate this vital industry, the Indian government has introduced various schemes and incentives, aiming to make housing more accessible and affordable for all segments of society.
Pradhan Mantri Awas Yojana (PMAY) At the forefront of these initiatives is the Pradhan Mantri Awas Yojana (PMAY), a comprehensive scheme targeting the provision of affordable housing for all by 2022. PMAY offers interest subsidies, affordable housing projects, and financial assistance for construction and improvement. It caters to different income groups, ensuring inclusivity in the housing sector. For instance, under Section 80 EE of the Income Tax Act of 1961, first-time homeowners using home loans can avail of tax savings up to Rs. 50,000.
Rajiv Gandhi Awas Yojana (RAY) Another significant program is the Rajiv Gandhi Awas Yojana (RAY), which was launched to make India slum-free and improve the standard of living by bringing illegal constructions under formal regulations. This scheme has been pivotal in transforming urban landscapes and providing dignified living conditions for the urban poor.
Delhi Development Authority Housing Scheme The Delhi Development Authority Housing Scheme is another notable initiative, offering affordable housing units in various categories, including Lower Income Group (LIG), Higher Income Group (HIG), Middle Income Group (MIG), and Janta Flats. This scheme has made it possible for many to own a home in the capital city, which is often out of reach due to high property prices.
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