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Synopsis: Finance Minister Nirmala Sitharaman, in the Union Budget 2024, announced the provision of 3 crore additional houses under the Pradhan Mantri Awas Yojana (PMAY), addressing the housing shortage in India. Launched in 2015, PMAY aims to provide pucca houses with basic amenities to urban beneficiaries. The Interim Budget 2024 allocated Rs 80,671 crore for this scheme, revised from Rs 54,103 crore, to facilitate the construction of these houses, contributing to over 4.21 crore houses built in the last decade. Experts highlight this move's potential to rejuvenate the affordable housing sector, essential for sustainable urban development.
In a significant announcement during the Union Budget 2024, Finance Minister Nirmala Sitharaman declared the government's plan to provide 3 crore additional houses under the Pradhan Mantri Awas Yojana (PMAY). This expansion is set to address the acute housing shortage across urban and rural areas, reinforcing the government’s commitment to affordable housing.
The PMAY, launched in June 2015, aims to ensure "Housing for All" by offering pucca houses with basic amenities to eligible urban beneficiaries. This initiative has been pivotal in transforming the housing sector in India, significantly impacting the lives of millions.
The allocation for PMAY in the Interim Budget presented in February 2024 saw a substantial increase to Rs 80,671 crore, up from Rs 54,103 crore in the previous estimates. This funding boost is expected to expedite the construction of these additional houses, thereby contributing to the completion of over 4.21 crore houses in the last decade.
Experts like Sunil Sisodiya, founder of Geetanjali Homestate, underscore the importance of this initiative in revitalizing the affordable housing sector, which is crucial for sustainable urban development in India. The expansion of PMAY is not just a step towards improving living conditions but also a move to stimulate economic growth and employment in the construction sector.
