First Integrated Mid Income Housing Project in India with PMAY Credit Subsidy

Vatika Ltd., is planning 250 Acres of integrated residential development in Gurugram, with more than 15,000 apartments and residences, where every dwelling unit would be eligible for Credit Linked Subsidy (CLSS) under the PMAY scheme (Pradhan Mantri Awas Yojana - Housing for All (Urban))

The development is being planned in sectors 88A and 88B of Gurugram, along the Northern Peripheral Road or the Dwarka expressway, which has recently been designated as a National Highway (NH-48a). It will be the first development of its kind where 80% of the apartments will fall under the MIG-1 category while the remaining apartments will be under the MIG-2 category.

The development named - Vatika India NEXT-2, will be in the form of several gated communities and housing complexes, unified through well designed network of wide roads and open spaces and will be integrated through well engineered power and public health sanitation infrastructure. It will also boast of a 15 acre business district besides retail facilities.

The PMAY scheme offers Credit Linked Subsidy Scheme (CLSS) which covers eligible beneficiaries under EWS, LIG, MIG - 1 and MIG -2 categories. Only those apartments which fulfill the criteria laid out in the PMAY(U)-HFA policy are eligible for the interest subsidy. The subsidy is credited upfront to the loan account of the beneficiaries.

MIG-1 category houses are eligible for interest subsidy on loans upto Rupees Nine Lakh, while MIG-2 category homes are eligible for interest subsidy on loans upto Twelve lakhs.

Anupam Varshney, Vice-President - Sales and Marketing at Vatika Ltd. feels that large development companies such as Vatika Ltd. can make significant contribution towards solving the shortfall in urban housing.

"The new township will offer good quality homes in well designed environment at prices which will be well within the reach of most people. By availing the credit linked subsidy, home buyers will be able to benefit from the government's vision of housing for all."

Vatika is a leading Gurugram based developer which has developed several townships Haryana and Rajasthan.