Urban Development and Housing in Union Budget 2010-11
While presenting the Union Budget 20010-11, the Finance Minister said that “Swarna Jayanti Shahari Rozgar Yojana” designed to provide employment opportunities in urban areas has been strengthened with focus on community participation, skill development and self employment support structures. For the Year 2010-11, the allocation for urban development increased by 75 per cent from Rs. 3,060 crore to Rs. 5,400 crore. In addition the allocation for Housing and Urban Poverty alleviation has also been raised form Rs. 850 crore to Rs. 1,000 crore in 2010-11.
In last year’s budget, a Scheme of one per cent interest subvention on housing loans was introduced, where home buyers get one per cent interest subsidy for banking loans up to Rs 10 lakh, provided the cost of house does not exceed Rs 20 lakh. This Scheme has been extended up to March 31, 2011 and a sum of Rs. 700 crore has been provided under this scheme for 2010-11 period.
The Rajiv Awas Yojana (RAY) for slum dwellers and urban poor was announced last year to extend support to States that are willing to provide property rights to slum dwellers. Allocation to this scheme is Rs. 1,270 crore for 2010-11 as compared to Rs. 150 crore last year. This marks an increase of over 700 per cent. The government efforts in the implementation of RAY would be to encourage the States to create a slum free India at the earliest.