Close to 1.5 crore houses built for poor under PMAY: PM Narendra Modi

Narendra Modi

Prime Minster Narendra Modi on February 13 said that close to 1.5 crore houses for the poor have been built under the Pradhan Mantri Awas Yojana (PMAY) till now.

Speaking at CREDAI Youthcon 2019, he said that close to 15 lakh houses for the urban poor have been built.

"Under the previous government, 8 lakh houses were built in 10 years for the urban poor were built in 10 years, but in four and a half years, we have built 15 lakh houses," he said.

Modi said that under PMAY, houses have become bigger, with the necessary amenities in place.

"Due to demonetisation, the avenues of escape through real estate, for those who have been able to profit due to corruption and black money, have been blocked," he said.

Modi also said that the government has provided a credit linked scheme, which could provide savings worth Rs 5- Rs 5.5 lakh on housing loans for the middle class.

He spoke of the need for the real estate sector's market and business strategies to target the neo-middle class, whose aspirations need to be understood  as they are a large market waiting to be tapped for the sector.

Modi said that since the introduction of RERA, close to 35,000 real estate projects and 27,000 organisations have been registered under it.