The Pradhan Mantri Awas Yojana (PMAY) is a flagship housing scheme launched by the Government of India with the primary objective of providing affordable housing to all citizens of the nation. This ambitious initiative has not only transformed the housing landscape in India but has also improved the lives of millions of people by addressing the issue of housing shortage and slum rehabilitation. In this comprehensive article, we will delve into the various aspects of the Pradhan Mantri Awas Yojana and its impact on Indian society.
Also read: Foreclosure Charges: Meaning & How to Calculate Loan Foreclosure Amount?
Objectives of PMAY
The Pradhan Mantri Awas Yojana was launched on June 25, 2015, with a set of clear and well-defined objectives:a. Housing for All:
The primary goal of PMAY is to ensure that every Indian citizen has access to a safe and secure home.b. Affordable Housing:
PMAY aims to make housing affordable to economically weaker sections and low-income groups by providing financial assistance and subsidies.c. Slum Rehabilitation:
The program also seeks to improve the living conditions in slum areas by providing pucca houses to slum dwellers.d. Empowerment of Women:
PMAY recognizes the critical role of women in building stable families and communities and encourages the allotment of houses in the name of women.Components of PMAY
PMAY consists of two primary components: Pradhan Mantri Awas Yojana- Urban and Rural. Let us get an understanding of both components.Also read: What is Composite Home Loan?
Pradhan Mantri Awas Yojana (Urban):
This component focuses on providing central assistance to all the states and UTs in the country through several agencies. Additionally, the PMAY-Urban scheme has a provision that the female head of a family should be the owner or co-owner of the property to encourage women empowerment.The PMAY-Urban scheme has the following key features:
• Depending on income slab, the beneficiaries will receive a subsidy of 6.5% on housing loan interest rates.
• An eligible person can avail of a loan for a tenure of 20 years for construction of a house or purchase of a resale house.
• Differently-abled persons as well as senior citizens will be given priority for ground-floor housing.
• Construction will involve sustainable and eco-friendly technology.
• Houses will include basic amenities such as gas connections, electricity, and water.
Guidelines for PMAY-Urban scheme:
• No member of the beneficiary family should own a pucca house anywhere in the country.
• Married couples will be eligible for a single house and can opt for single or joint ownership.
• A beneficiary family includes husband, wife, and any unmarried children.
• The family should not be a part of any other government housing scheme.
• As a beneficiary, you can fund your renovations or repairs through this scheme.
Also read: Home Loan With Overdraft Facility - A Flexible Home Loan Solution
Eligibility for PMAY Scheme
The eligibility criteria of beneficiaries depend on household income and is segregated into the categories such as Economically weak, Low-Income Group, Middle Income Group I and II.The Economically Weak Sections (EWS) are beneficiaries with an income up to three lakh per annum, Low Income Group (LIG) includes beneficiaries with an income between three lakh and six lakhs. Middle Income Group I (MIG-I) includes beneficiaries with an annual income between six lakh and ₹ 12 lakh, while MIG-II includes beneficiaries with an annual income between ₹ 12 lakh and ₹ 18 lakh.
Under the EWS or LIG schemes, you can opt for a carpet area of 30 sq. mts. if you are an EWS beneficiary. Beneficiaries under the LIG scheme can opt for carpet area up to 60 sq. mts. Additionally, beneficiary age should be less than 70 years at the end of the loan repayment period.
Under the MIG I scheme, you will receive a subsidy of 4% up to Rs 9 lakh. Any amount beyond this will not be a part of the subsidy. Similarly, under the MIG II scheme, you receive a 3% subsidy for an amount up to ₹ 12 lakh. The maximum loan tenure is 20 years.
The PMAY-Urban can be further divided into four verticals:
• In-situ Slum Redevelopment:
With an aim to provide slum-dwellers with pucca houses, the government has partnered with private firms to build accommodation on the same land where the slum is located. Each eligible house will get a rehabilitation grant of ₹ 1 lakh. Slum residents will reside in temporary accommodation during the construction period.• Affordable Housing through Credit-Linked Subsidy Scheme (CLSS):
Under CLSS, beneficiaries can avail interest subsidies on home loans, making it easier for them to own a house. This scheme addresses the problem of limited availability of houses at affordable rates. The CLSS scheme provides a subsidy of up to Rs 2.67 lakh, depending on the income bracket.- Beneficiary-Led Construction/Enhancements: Beneficiaries are provided financial assistance for building their own houses or enhancing an existing one. Beneficiaries can receive financial assistance of up to Rs 1.5 lakh from the government under this scheme. Beneficiaries will have to provide relevant documents to the Under Local Bodies.
- Affordable Housing in Partnership: This scheme involves a collaboration between the public and private sector to construct housing for beneficiaries under the Economically Weak Section category. The government will provide ₹ 1.5 lakh per house. Such projects will be eligible for fund assistance only if 35% of housing is built for the EWS category, with at least 250 houses in the project. The state or union territory will decide the upper limit rate for the units allotted to beneficiaries under the EWS category.
Also read: Home Loan Status: How to Check Home Loan Application Status
Pradhan Mantri Awas Yojana (Rural):
Also known as the Pradhan Mantri Awas Yojana (Gramin) scheme, this component is designed for the rural areas and focuses on constructing pucca houses and providing beneficiaries with basic amenities. The scheme is meant for people who live in kutcha houses, houses that are damaged, or people who do not own accommodation. The minimum size of houses under this scheme is 25 sq.mt.The scheme involves a contribution by the central and respective state governments in a ratio of 60:40 for the plains and 90:10 for hilly as well as North-Eastern regions. Therefore, total contribution in the plains will amount to ₹ 1.20 lakh whereas in the hilly areas, it will be a contribution of ₹ 1.30 lakhs. Union territories will receive a 100% funding, without a break up in total cost. The PMAY-Gramin scheme will significantly improve the living conditions in rural areas through the construction of permanent housing units.
The scheme will also involve additional financial assistance of ₹ 12,000 for each beneficiary for construction of permanent toilets under the Swachh Bharat Mission- Gramin to ensure hygienic living. The government will also provide beneficiaries ₹ 90.95 per day of unskilled labour. With an intention to be completely transparent, the government has ensured that all payments are transferred directly to beneficiary accounts after a thorough verification.
Guidelines for PMAY-Gramin scheme:
• Eligibility criteria for this scheme includes houseless families, families with kutcha walled or roofed houses, families with no literate adult above the age of 25 years, families without an adult male member aged 16-59 years, families without any able-bodied members, families who receive income from casual labour, Scheduled Caste, Scheduled Tribe, or minorities.
• Individuals with motorised two-, three-, or four-wheelers, fishing boats, or agricultural equipment are not eligible for this scheme.
• Individuals with a Kisan Credit Card limit exceeding ₹ 50,000, families with at least one member employed by the government, households where at least one member earns more than ₹ 10,000 per month, individuals who pay income tax, professional tax, or own a landline connection are also not eligible for this scheme.
Also read: What are The RBI Guidelines for Home Loan?
How to Apply for the PM Awas Yojana?
If you are eligible, you can apply for a subsidy under the PMAY by visiting the official website. Under the main menu, click on ‘Citizen Assessment’ and select the applicant category. You can then enter the Aadhaar number and fill the online application with your personal details such as income, current address, and bank account details. Verify your details for any errors and click on submit. You can then track your application under ‘Citizen Assessment’ in the ‘Track your assessment status’ option.If you wish to fill the form offline, you can do so by visiting the Common Service Centre (CSC). These centres are operated by respective state governments.
In case you need to edit your application after submission, you can visit the official PMAY website. After entering details such as application reference number and Aadhaar information, you can click on the ‘Edit’ option to make the necessary changes.
Here are the documents you will require for the PMAY application process:
• PMAY application form
• Identity proof
• Address proof
• Bank account statement
• Income proof
• Affidavit stating you do not own a house in the country
• Valuation certificate of the intended property, construction plan, certificate confirming cost and fitness of the property
• Allotment letter or other relate property documents
PMAY Beneficiary List: How to find your name?
To check your name on the PMAY-Urban list, visit the official PMAY website. Click on the ‘Search Beneficiary’ tab on the menu bar. From the drop-down menu that appears, select the option ‘Search by Name.’ You can check the list by entering your full name or first three letters.If you need to check your name on the PMAY-Gramin list, you will need a registration number received while filling your application. On the official PMAY-Gramin website, you need to click on the tab ‘Stakeholder’. From the drop-down, select ‘IAY/PMAYG Beneficiary’ option. Enter the registration number on the new page and click on search.
Achievements of PMAY
Since its inception, the Pradhan Mantri Awas Yojana has made significant progress in achieving its objectives:a. Housing for All:
PMAY has played a pivotal role in bridging the housing gap in India. Millions of beneficiaries have received pucca houses, and the scheme continues to strive towards achieving the goal of housing for all.b. Affordability:
The Credit-Linked Subsidy Scheme (CLSS) has made homeownership more affordable for many low-income groups. Beneficiaries receive interest subsidies on home loans, making housing finance more accessible.c. Slum Redevelopment:
The in-situ slum redevelopment component has improved the living conditions of slum dwellers, replacing shanties with pucca houses equipped with essential amenities.d. Empowerment of Women:
PMAY encourages the allotment of houses in the name of women, empowering them and promoting gender equality.Challenges and Future Directions
While the Pradhan Mantri Awas Yojana has achieved remarkable success, it also faces several challenges:a. Funding:
Adequate funding and resources are essential to reach the 'Housing for All' target. The government needs to ensure the continued availability of funds.b. Land Availability:
In urban areas, the availability of land is a significant constraint. Efficient land-use policies and land acquisition processes are crucial.c. Monitoring and Accountability:
Ensuring that the benefits of PMAY reach the intended beneficiaries requires strong monitoring and accountability mechanisms.d. Technological Integration:
Embracing technology, such as geospatial data and online application processes, can streamline the implementation of PMAY.Also read: What is Home Loan Provisional Certificate?
Conclusion
The Pradhan Mantri Awas Yojana is an ambitious and transformative scheme that aims to provide housing for all in India. It has made significant progress in improving the lives of millions of people by addressing the housing shortage, slum rehabilitation, and promoting affordable housing. As PMAY continues to work towards its goals, addressing challenges and leveraging technology will be crucial to its success. Ultimately, this initiative represents a significant step towards making India a more inclusive and housing-secure nation.FAQS – FREQUENTLY ASKED QUESTIONS
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Am I eligible for the PMAY Scheme ?
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What is PMAY subsidy ?
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I am a homeowner. Can I still apply for PMAY ?
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Can I apply for PMAY for renovation of my existing home ?
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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Postings and monitoring
The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.
Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.
We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.
If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com
Use of Cookies
You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.
Facilities Changes and Discontinuation
The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.
ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.
Compliance with the Law
You agree that you will not:
- Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
- Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
- Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
- Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
- You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.
Restrictions on Commercial Use or Resale
Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.
No Endorsements
All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.
Promotional Offers
You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.
Charges for use of Website
There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).
No Endorsement
You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.
In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.
Electronic Communications
These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.
Assignment
You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.
Legal Disclaimers
The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.
The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.
Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.
No Solicitation
No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.
The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
Statutory Disclosure
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
Force Majeure
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
Indemnification
You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.
No Waiver
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Exclusive Agreement
You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.
Termination
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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