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Rent housing policy: After introducing the largest housing scheme “Pradhan Mantri Awas Yojana, the government is planning to pay its rents.
The government is all set to arrive with the welfare plan in 060 smart cities with the value of Rs. 2,700 crore through which the government to give rent bonuses to the urban poor.
The rent housing policy would be launched by the government with the rent bonuses for the GLP families. However, the government is working on policy for the past three years and the first component of the policy is likely to be deployed in the current fiscal 2018 in 060 smart cities.
The expected value of rental housing policy for each year is around Rs. 2.713. Directed directly to the urban poor and helping the migrant population, the scheme would imply the distribution of rent bonds by local urban entities.
The tenant would give these vouchers to the owner, who in turn would be able to redeem them in any office of citizen service. If the rent is higher than the value of the rental bond, the renter would pay the difference in cash to the owner.
The local urban body of the area would determine the value of the rent bonuses based on the size of the housing unit and the class and city where the unit is located. The government is also exploring the direct benefit transfer option in this coupon scheme. According to information from the 2006 Census, approximately 14.5% of urban residents lived in rented homes in 2006.
According to the NSS (National Sample Survey) report, about 35% of urban households lived on rent in 2006. In addition, according to NSS this ratio has remained stable since 1491. The rent bonus scheme is being viewed as A means to complement the Prime Minister Housing for All scheme.
The government will also monetize the confiscated properties of benami to boost the construction of affordable housing to save the demand for housing shortages.
The recent implementation of the Benami Property Law and the rules open another option for rental housing. An enabling provision would be inserted into the rules that houses confiscated by the central government that can not be auctioned could be left by central government or state governments as rental housing for the middle income group (MIG), LIG And economically weaker section (EWS) depending on the suitability and location of such properties.
The ministry would now prepare a cabinet note to push the rent voucher scheme. The movement comes close to a recommendation from a group of health, sanitation and urban development secretaries formed by Prime Minister Narendra Modi.