New Delhi, Nov 16 (IANS) The Union Cabinet on Thursday accorded approval to an increase in the carpet area of houses eligible for interest subsidy under the credit-linked subsidy scheme for the Middle Income Group (MIG) under the Pradhan Mantri Awas Yojana (Urban).
Now, the carpet area of an MIG-I will be increased from 90 square metres to up to 120 square metres and in MIG-II category it will be increased from 110 square metres to up to 150 square metres, Law and Justice Minister Ravi Shankar Prasad told reporters after the Cabinet meeting.
"The change will be effective from January 1, 2017."
The increase will give individuals in MIG category a wider choice in developers' projects and will give a boost to the sale of ready flats in the affordable housing segment, Prasad added.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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