The Union Cabinet has given the green light for the construction of 3 crore new houses under the Pradhan Mantri Awaas Yojana (PMAY) from 2024-25 to 2028-29. This initiative is aimed at providing affordable housing to rural and urban populations across India.
Government under Rural component, PMAY-Gramin, proposes a housing strategy of building 2 crore houses with financial assistance amounting to ₹1.2 lakh per house in the plain areas and ₹1.3 lakh in the North Eastern Region, hilly states, and Union Territories of Jammu & Kashmir and Ladakh. This will benefit about 10 crore people during a period of five years.
The total budget for PMAY-G in this period is ₹3,06,137 crore out of which ₹2,05,856 crore is being contributed by the central government while balance ₹1,00,281 crore is coming from state governments. 35 lakh houses belonging to the previous phase that are pending completion as of March 31,2024, will be finalized.
The second phase of PMAY-U (PMAY-U 2.0) targeted 1 crore new houses for the poor and middle class of urbanites. This was a segment in which there was to be gigantic investment of ₹10 lakh crore, with ₹2.3 lakh crore provided in terms of budgetary assistance.
In another measure, the corpus of CRGFT has been increased from ₹1,000 crore to ₹3,000 crore by the government. This will help in easier access to affordable housing loans.
It also announced an Interest Subsidy Scheme offering a 4% interest subsidy on home loans up to ₹25 lakh for economically weaker sections and lower- and middle-income groups. This subsidy would be available on the first ₹8 lakh of the loan over a 12-year tenure, where a maximum of ₹1.8 lakh could be availed of in five yearly installments.
The Pradhan Mantri Awas Yojana is the flagship program of the Government of India, indicative of housing for all weaker sections, both in the rural and urban sectors. The latest authorization confirms a sure step towards the goal of housing for all.
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Source: Moneycontrol
News Desk
