Pradhan Mantri Awas Yojana (PMAY) –A new revolution in Real Estate MarketWith rise in demand for property the Real estate sector is getting expensive in Delhi NCR, but under Pradhan Mantri Awas Yojana (PMAY), people aiming to buy an affordable home for Rs 20 Lakh may finally do so – and that too for a 2BHK house. The current loan limit for this scheme, restricted to people belonging to the economically weaker sections (EWS) and lower income groups (LIG), is Rs 6 lakh. Real estate experts say that the impact of the likely changes would be greater with slashing of interest rates by banks as more people from the lower part of the social pyramid access housing. They would also get loans at subsidized rates. The biggest challenge however would be creating enough stock to meet the rising demand in the affordable housing segment. Affordable housing is also likely to be the first asset class to lift the gloom in the residential sector leading to improvement in the markets in the last two quarters of 2017. With the released budget there will be some incentives for the affordable housing segment such as exemptions on stamp duty and income tax. My advice to home buyers is that they should ideally wait until mid June to finalize deals. With Pradhan Mantri Awas Yojana (PMAY) scheme in effect, the cut in interest rates by banks will make more people eligible for a housing loan as housing will be more affordable and EMIs will be low. If interest rates come down home buyers will also be able to avail higher loans.