The Union Cabinet chaired by the PM Shri Narendra Modi has given its approval for developing of Affordable Rental Housing Complexes (AHRCs) for urban migrants / poor as a sub-scheme under Pradhan Mantri Awas Yojana – Urban (PMAY – U).
- Existing vacant government funded housing complexes will be converted in ARHCs through Concession Agreements for 25 years.
- Concessionaires will make the complexes livable by repair/retrofit and maintenance of rooms and filling up infrastructure gaps like water, sewer/ septage, sanitation, road etc. States/UTs will select concessionaires through transparent bidding.
- Complexes will revert to ULB after 25 years to restart the next cycle like earlier or run on their own.
- Special incentives like use permission, 50% additional FAR/FSI, concessional loan at priority sector lending rate, tax reliefs at par with affordable housing etc. will be offered to private/ public entities to develop ARHCs on their own available vacant land for 25 years.