“FM Sitharaman Announces Rs 12.2 Lakh Crore Boost for Affordable Housing”

New Delhi, July 23: Union Finance Minister Nirmala Sitharaman on Tuesday announced a significant boost to urban housing with a proposed allocation of Rs 2.2 lakh crore and a Rs 10 lakh crore interest subsidy scheme under the flagship Pradhan Mantri Awas Yojana (PMAY).

This allocation aims to further the government’s initiative to provide affordable housing. “Housing needs of one crore urban poor and middle-class families will be addressed with an investment of Rs 10 lakh crore, including Central assistance of Rs 2.2 lakh crore over the next five years,” FM Sitharaman stated during her Budget Speech in Parliament.

The first Cabinet decision of the Modi 3.0 term includes facilitating the construction of three crore additional houses under the PMAY scheme, with two crore of these being in rural areas under PMAY (Grameen).

The Pradhan Mantri Awas Yojana (PMAY) is among the Modi government’s most ambitious schemes. This latest budget announcement marks a significant expansion of the Pradhan Mantri Awas Yojana-Urban (PMAY-U).

In the Interim Budget 2024, the Finance Minister had proposed that two crore more houses would be taken up in the next five years. The government claims that they are close to achieving their target of three crore houses.

Last year, the Pradhan Mantri Awas Yojana budget was enhanced by 66% to over Rs 79,000 crore.