Projects to get technology innovation grant

The Cabinet has approved the development of Affordable Rental Housing Complexes (AHRCs) for urban migrants and poor as a sub-scheme under Pradhan MantriAwasYojana–Urban (PMAY–U).

As per the approval, the existing vacant Government-funded housing complexes will be converted in ARHCs through Concession Agreements for 25 years. The concessionaire will make the complexes livable by repair, retrofit and maintenance of rooms and filling up infrastructure gaps like water, sewer, septage, sanitation, road etc.

The states and UTs will select concessionaire through transparent bidding. Complexes will revert to ULB after 25 years to restart the next cycle like earlier or run on their own.

Special incentives like use permission, 50% additional FAR and FSI, concessional loan at priority sector lending rate, tax reliefs at par with affordable housing among others will be offered to private-public entities to develop ARHCs on their own available vacant land for 25 years.

A large part of the workforce in manufacturing industries, service providers in hospitality, health, domestic and commercial establishments, and construction or other sectors, labourers, students, etc who come from rural areas or small towns seeking better opportunities will be the target beneficiary under ARHCs.

An expenditure of Rs.600 crore is estimated in the form of Technology Innovation Grant which will be released for projects using identified innovative technologies for construction.

Initially, the ARHC will cover approximately three Lakh beneficiaries.

The ARHCs will create a new ecosystem in urban areas making housing available at affordable rent close to the place of work.

Investment under ARHCs is expected to create new job opportunities and cut down unnecessary travel, congestion and pollution.

The Government-funded vacant housing stock will be converted into ARHCs for economically productive use. The scheme would create a conducive environment for Entities to develop AHRCs on their own vacant land which will enable new investment opportunities and promote entrepreneurship in the rental housing sector.

The Ministry of Housing & Urban Affairs (MoHUA) has initiated an Affordable Rental Housing Complexes (ARHCs) for urban migrants and poor as a sub-scheme under Pradhan MantriAwasYojana (Urban). The scheme, announced by the Finance Minister on 14 May 2020, seeks to fulfill the vision of ‘AtmaNirbhar Bharat.

The COVID-19 pandemic has resulted in a massive reverse migration of workers and urban poor in the country who come from rural areas or small towns for seeking better employment opportunities in urban areas.

Usually, these migrants live in slums, informal and unauthorized colonies or peri-urban areas to save rental charges. They spend a lot of time on roads by walking and cycling to workplaces, risking their lives to cut on the expenses. #urban #housing #grants #infrastructure #development  /fiinews.com

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