Addressing the housing needs of the one crore poor and middle-class families through affordable housing, finance minister Nirmala Sitharaman announced an investment of Rs 10 lakh crore for housing units under the Pradhan Mantri Awas Yojana Urban (PMAY-Urban).
“This will include the central assistance of Rs 2.2 lakh crore in the next five years,” said Nirmala Sitharaman in her budget speech.
These one crore housing units will be part of the three crore additional housing units that will be provided under PM Awas Yojana – Rural and Urban.
The PMAY is a credit-linked subsidy scheme that was launched in 2015 to provide access to affordable housing in India. It has two components: PMAY Urban for the urban poor and PMAY Gramin for the rural poor. The PMAY works in coordination with other schemes to ensure that houses have a toilet, Saubhagya Scheme for electricity connection, Ujjwala Yojana LPG connection, access to drinking water, Jan Dhan banking facilities, etc.
Industry reactions
Niranjan Hiranandani, chairman, Hiranandani and NAREDCO
The monumental allocation of Rs 10 lakh crore under the PMAY Urban Scheme, aiming for 3 crore houses, alongside the focus on rental housing through dormitories in industrial parks via the PPP model, and the sanctioning of 12 new industrial parks, underscores a robust vision for urban development. With sustained infrastructure impetus, reflected in the Rs 11.11 lakh crore Capex allocation, we anticipate a significant boost in affordable rental housing for industrial labourers.
Prashant Sharma, president, Naredco Maharashtra
The government’s commitment to making housing more affordable, with a Rs 2.2 lakh crore push under the PM Awas Yojana-Urban, is a significant step forward. Addressing the housing needs of one crore poor and middle-class families with an investment of Rs 10 lakh crore, including central assistance of Rs 2.2 lakh crore over the next five years, reflects a robust and inclusive approach to urban development.
Badal Yagnik, chief executive officer, Colliers India
Housing continues to be one of the focus areas in the budgetary announcements. Under the PMAY scheme, Rs 10 lakh crore has been allocated for the development of 3 crore additional houses. This will drive construction in the urban and rural areas with cascading effect on allied sectors.
Also Read: Pradhan Mantri Awas Yojana- Urban 2.0 to be launched soon
