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.
--IANS
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