February 1, 2024: The government will construct over two crore affordable houses in the next five years- 2029, under the Pradhan Mantri Awas Yojana (Rural).
This step is planned to address the housing demand because of increase in families in India.
The Centre has already achieved a target of around 3 crore houses under Pradhan Mantri Awas Yojana- Gramin. “Despite COVID, this continued, and we’re close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years to meet the need arising from increase in number of families,” said union finance minister Nirmala Sitharaman in her Interim Budget 2024.
Commenting on this initiative, Amit Mishra, co-founder, 91Squarefeet, said, “The finance minister’s announcement of constructing 2 crore more houses under Pradhan Mantri Awas Yojna heralds a new era of growth, benefiting not only real estate developers but also financial institutions. As more individuals opt for housing loans, this initiative promises to fuel economic prosperity, fulfilling the aspirations of the rural and urban poor, as well as the middle class. Beyond providing homes, it stands to generate employment opportunities, weaving a tapestry of progress for both individuals and the industry at large.”
Also, announced in the interim Budget is a new housing scheme for the middle class homebuyers in India.