Budget 2024: Sitharaman allocates ₹10 lakh crore for urban housing
Finance Minister Nirmala Sitharaman has announced plans to facilitate the development of three crore rural and urban houses over five years under the Pradhan Mantri Awas Yojana (PMAY). "Housing needs of one crore urban poor and middle class families to be addressed with an investment of ₹10 lakh crore including central assistance of ₹2.2 lakh crore," Sitharaman announced in her Budget 2024 speech.
Interim budget allotted ₹80,671 crore for PMAY
The interim budget in February allotted ₹80,671 crore for PMAY, up from ₹54,103 crore in prior estimates. The expansion is critical for alleviating the housing shortage in both urban and rural areas, allowing for the construction of 4.21 crore dwellings over the last decade. The scheme offers essential credit-linked subsidies, helping eligible families achieve homeownership and access basic amenities.
Launched in 2015
Launched in 2015, the initiative aims to provide homes for all by 2022, a target that the government has yet to meet. According to the government, 118.64 lakh houses have been sanctioned under the scheme's urban leg (PMAY-U), with 85.04 lakh already finished. As of February 2024, the government claims to have sanctioned 2.94 crore houses, of which 2.55 crore houses have been completed.
