The tremors of COVID-19 have shaken the world with a deadly impact on humans’ lives and health; though, it has left adverse implications on the Indian Economy. Post lockdown 4.0, India is trying to resume its shape and return to normal life and economy in a strong position. And the announcement on the extension of Credit Link Subsidy Scheme (CLSS) till March 2021 is a ray of hope for the middle-class individuals to fulfill their dreams of owning a house. For the economically weaker section and lower-income groups, the Credit Link Subsidy Scheme’s extension is till March 2022.
Credit Link Subsidy Scheme was initially introduced under Pradhan Mantri Awas Yojna in 2015 for the economically weaker sections and low-income groups. It extended its benefit in 2017 for the Middle Income Group (MIG) as well, whose annual income is between ₹6 lakhs to ₹18 lakhs. Finance Minister Nirmala Sitharaman recently announced under the Atmanirbhar Bharat Package about an extension of the CLSS scheme until March 2021, which expired in March 2020. This extension will give ease to 2.5 lakh middle-income families in 2020-21 to opt-out for Loan on the Subsidy provided by the Government. For instance, a home buyer can get a subsidy up to ₹ 2.7 Lakh on the home loan.
This initiative would push to the middle-class section to think in the direction of buying their own dwelling. Simultaneously, it will open many opportunities for the Real Estate Market to grow both in terms of selling and renting. With the construction of 50 million housing units by 2022 as expected, it would indeed create job opportunities for the construction workers again, as COVID-19 has impacted that employment section as well. Till the date, the real estate sector supports more than 250 allied industries like cement, iron, steel, wood, etc. which would also reap benefits out of it.
The extension of CLSS is a concrete initiative for reviving the affordable housing segment in the real estate industry. This scheme shall increase the demand for properties leading to an emphasis on the timely delivery of projects. Various real estate organizations have already started grabbing this opportunity by offering amazing discounts and attracting massive footfalls. Calling out buyers with WALK-IN NAHI LOG IN KARONA and Mission Azaadi promotion by INVESTORS CLINIC has paved the way for the buyers to book their dream houses digitally with ease.