The Interim Budget has announced a housing scheme for lower and middle-income people living in rented houses, slums, chawls and unauthorised colonies to help them buy or build their own houses.
In her speech, the FM said that despite the challenges posed by the pandemic, the implementation of PM Awas Yojana (Gramin) continued. “We are close to achieving the target of three crore houses…Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families.”
Govt also enhanced the outlay for Prime Minister Awas Yojana. Budget estimates for FY25 for PMAY stand at Rs 80,671 crore, as compared with FY24 Budget estimates of Rs 79,590 crore for the ‘housing for all’ initiative of govt.
Extension of the scheme with enhanced outlays is expected to give a fillip to ancillary industries like cement, steel, paint etc while creating jobs in the construction sector.
Anuj Puri, chairman, Anarock property consultants, said the scheme would reduce slums in cities, and clear the way for redevelopment.
PMAY-Gramin program aims at providing a pucca house with basic amenities for those without homes and those living in kuccha and dilapidated houses in rural areas. The govt gives Rs 1.2 lakh as financial assistance to qualified beneficiaries in the lower and middle-income groups in the plains and Rs 1.3 lakh in hilly or other difficult areas.
Under PMAY(Urban), govt had sanctioned 1.19 crore houses of which 80 lakh are already completed. Under PMAY(U), govt had committed Rs 2 lakh crore. It has already spent 1.48 lakh crore.
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