To foster investments in real estate as well as enable the success of Housing for All Mission by 2022, guidelines per se Pradhan Mantri Awas Yojana (PMAY) have been extended to millennials or any adult earning individual irrespective of his or her marital status who is not in possession of any pucca house.

Earlier the eligibility criteria under PMAY included family or a household consisting of husband, wife and unmarried children who do not own an-all weather unit for dwelling or pucca house. But with the effected changes, now even unmarried children of a family who are earning can apply for available subsidy under the government-backed PMAY scheme.

The step is aimed at pushing investment in real estate by these adult earning members. Other changes have also been incorporated into the scheme plan. First time home buyers in Lucknow, Noida and Greater Noida shall also benefit from the scheme which earlier included only areas under local bodies in its scope.

Furthermore, changes in respect of carpet area definition has also been made which now excludes balcony walls, verandahs as well as terraces. Carpet area has now been defined as "the net usable floor area of an apartment, excluding the area covered by the external walls, area under service shafts, exclusive balcony or verandah area and exclusive open terrace area but includes the area covered by the internal partition walls of an apartment," as per the Mission guidelines.

Also, in case of a married couple, either of the spouse or both in joint possession shall be eligible for one house only based on the income eligibility criteria of the household.

The government is said to disburse an amount equivalent to Rs. 750 crore to more than 40,000 home buyers under the scheme. The PMAY scheme offers loan subsidy based on the loan amount and household income.

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