President lauds govt's Pradhan Mantri Awas Yojana

New Delhi, Jan 31 President Ram Nath Kovind Thursday praised the government's Pradhan Mantri Awas Yojana (PMAY), saying no family in the nation would stay destitute when the country commends the 75th anniversary of its Independence.

Addressing the joint sitting of Parliament, he said buying or building a house in urban areas has become "easier" for the common person.

Dream of building one's very own home had turned out to be troublesome for a common person because of black money and rising costs, Kovind said.

He said in the last four-and-a-half years, 1.3 crore homes have been built under rural housing schemes of the legislature while in the five years going before 2014, just 25 lakh houses had been developed.

"When my government set a target that by 2022 when the country celebrates 75th commemoration of its Independence, no family would stay destitute, many thought about how this would be conceivable," he said in his location.

While finishing the houses under the prior plan, the government has also fast-tracked construction of houses crosswise over urban communities and towns under the Pradhan Mantri Awas Yojana, in an exceptional way, President said.

He said that by enacting land RERA law, his legislature has guaranteed that development of houses is finished and they are given over to purchasers as planned with the goal that the hard earned money of people does not get stuck.

"After enactment of this law, around 35 thousand Real Estate Projects' have been enrolled where lakhs of houses are being constructed and handed over to families," he said.

The President additionally said that under Pradhan Mantri Awas Yojana', the legislature is also giving interest subsidy of 6.5 percent to people having a place with low pay gathering. As per a gauge, an individual taking a home loan of Rs 20 lakh for a long time, would get an advantage of about Rs 6 lakh," he included.