The Budget 2023-24 on February 1 allocated Rs 79,000 crore for the Pradhan Mantri Awas Yojana (PMAY), giving a further boost to the government’s programme to provide housing to the urban poor.
Presenting the Union Budget on February 1, finance minister Nirmala Sitharaman said that the outlay of PMAY is being enhanced by 66 percent to over Rs 79,000 crore.
The Budget 2022 had allotted Rs 48,000 crore for the completion of 80 lakh houses under PMAY.
As of November 2022, more than 1.20 crore houses have been sanctioned under PMAY, of which more than 64 lakh have been completed, with the remaining in various stages of construction, the ministry of housing and urban affairs has said.
The extension of CLSS will give the homebuyers the financial elbow room to make a purchase but experts said a standard definition for 60m and 90m affordable homes would have given a bigger boost to the housing industry.
Launched in June 2015, PMAY aims to provide pucca houses with basic amenities to all eligible urban beneficiaries.
It also seeks to resolve the urban housing shortage among low and middle-income groups and promote homeownership among women.
The programme has been extended to December 31, 2024, to complete the houses sanctioned till March 31, 2022.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
