Budget promises to set up 2 crore affordable houses in 5 years

Union Finance Minister Nirmala Sitharaman in her Interim Budget 2024 speech on February 1 announced that the government will set up two crore affordable houses in the next five years.

She said that the government is committed to its promise of "housing for all". She also said that the Centre has achieved a target of three crore houses in rural areas under the Pradhan Mantri Aawas Yojana (Rural).

Also Watch: Nirmala Sitharaman Budget speech Live updates

"Despite the Covid-19 pandemic, our government is close to achieving the target of building three crore houses under PMAY (Gramin). Two crore more (affordable) houses will be constructed (under the category) to meet the requirement arising from the increase in the number of families," Sitharaman said in her pre-election budget speech.

The government will also bring in a scheme to help housing for the middle class living in rental houses or in slums or in unauthorised colonies to "buy or build" their own houses.

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She said that 70 percent houses given under the PMAY (Gramin) scheme were given away to women beneficiaries. The PMAY(G) is a social welfare programme to provide housing for the rural poor in the country.
Under the scheme, an assistance of Rs 1.20 lakh is given in plain areas and Rs 1.30 lakh in hilly areas. The cost of the scheme is borne by the central government and a state government in a 60:40 ratio.

In her pre-election budget, which was technically a vote-on-account, Sitharaman said the government will adopt an economic approach that facilitates sustainable development and improves productivity.

She also mentioned about rooftop solarisation to ensure one crore households receive free electricity of up to 300 units per month, leading to a household savings of Rs 15,000-18,000 annually.

The finance minister said the government will set up more medical colleges, utilising the existing hospital infrastructure. Besides, utmost attention will be paid to the development of the eastern region and its people.