Madhya Pradesh Urban Administration Department will soon launch a new MP Rent and Own Housing Scheme 2020 for people interested in buying new houses. Under this scheme, a person will be allotted a new home and will have to pay monthly installments as good as rent of house. On completion of payment equals to price of house, the person will get house ownership. This Rent-to-Own Scheme will be a part of the National Urban Rental Housing Policy and will include no-eviction guarantee.
The property ownership will be conferred upon tenants if they rent from government bodies housing units. For this purpose, they will have to pay entire value of the property in easy installments within a specified duration. This MP Rent and Own Housing Scheme 2020 will help those people who cannot afford housing as they neither get loans nor save upfront money to invest in property. This scheme will be a part of the MP Mukhyamantri Awas Yojana under CM Awas Mission.
CM Kamal Nath made this announcement for launch of MP Rent and Own Scheme while reviewing housing projects with UAD and Rural Development Department. CM even asked the officials of rural development to plan similar housing schemes for people living in rural areas.
MP Rent and Own Housing Scheme 2020 – CM Awas Mission
MP Chief Minister Kamal Nath asked officials from Urban Administration Department (UAD) to focus more on CM Awas Mission. People would now be able to buy a new property by paying installments equals to rent of house and thus getting ownership. This MP Rent and Own Housing Scheme 2020 are an ultimate option for buyers or tenants who does not qualify for home loans due to poor credit scores. People can now pay rent on time which would even serve for them as house installment and there credit score would be improved along with getting new house ownership.
By the new MP Rent and Own Housing Scheme 2020, people will get more flexibility in choosing the right home for themselves. Buyers could tune themselves to the market situation. That is, they could stay on rent till the prices do not drop. Later when prices stabilise they could plan to buy a property. Buyers under rent-to-own scheme will have the advantage of experiencing community living and judge if the apartment matches their lifestyle before taking the plunge.
CM Kamal Nath raised the issue of share of state government in Pradhan Mantri Awas Yojana (PMAY) housing scheme. He said that the state govt’s share is more in PMAY in providing residencies to people then why is PM Awas Yojana given more importance. All the officers of the Urban Administration Department (UAD) should ensure that appropriate importance should be given to the CM Awas Mission.
UAD officials also told that there are financial crisis for UAD department as state government is not getting central government’s share on time. Financial challenges came from the state government as well. CM asked officials to study Andhra Pradesh and Maharashtra model of housing and to replicate appropriate clauses in Madhya Pradesh.