Governance – Page 17 – FindMyProperty

The budget in the new proposal, which will be sent to the Union urban development ministry, has fixed at Rs 2901 crore. Ghaziabad Municipal Corporation (GMC) had earlier estimated spending of Rs 2200 crore for various civic and infrastructure work. The proposal consists of two components area based development and pan city solutions.
According to the proposal, a sum of Rs 2,122 crore will be spent on area based development and about 1,495 acres of land in the Trans Hindon area of the city will be retrofitted and redeveloped. This area includes portions of Vaishali, Kaushambi and Vasundhara.

An estimated budget worth Rs 779 crore will be used for pan city solutions, aimed at making infrastructure and services better, which will involve the application of various smart solutions with the use of technology.
Meanwhile, out of the total budget, the central government and the UP government will release Rs 500 crore each. Infrastructure works under way in the city with funds from the AMRUT scheme of the central government will further be adjusted into the budget.

The remaining amount will be raised through private partnerships while the GMC is also expected to make a certain quantum of the budget available.

Union Minister, Venkaiah Naidu has announced the guidelines for the implementation of central government’s CLSS (Credit Linked Subsidy Scheme) for homebuyers in the middle income group (MIG) segment. The scheme will bring down the equated monthly instalments (EMI) by over Rs 2,000 for middle class homebuyers with annual incomes between Rs 6 and 18 lakh. The benefit is a part of the PMAY (Pradhan Mantri Awas Yojna).

This interest subsidy will be provided on home loans for construction or purchase of house with carpet area of 90 square meters by those earning up to Rs 12 lakh per annum and of 110 square meters by those earning up to Rs 18 lakh per year. No processing fee will be charged by banks or housing finance companies from the applicants under CLSS.
Under the scheme, the government has focused on women with greater preference to widows, single working women, backward classes, scheduled castes and tribes, differently abled and transgender people. The centre has allocated Rs 1,000 crore in the year’s Union Budget for CLSS component.

National Housing Bank (NHB) on Wednesday also signed memoranda of understanding with 45 housing finance companies, 15 scheduled banks, 2 regional rural banks, 1 cooperative bank, 4 small finance banks and 3 non-banking finance companies-micro finance institutions for implementation of CLSS(MIG) component of PMAY(Urban). This scheme is not only poor people, but middle class is also on top of PM’s agenda. So, Middle class homebuyers will get more benefits in home loan subsidy scheme.