A man walks past a damaged house and backdrop of under construction residential building of Pradhan Mantri Awas Yojana in Ahmedabad. File.
| Photo Credit: Reuters
To address the housing needs of urban poor and middle class families, the Union Finance Minister Nirmala Sitharaman has announced an investment of ₹10 lakh crore under the PM Awas Yojana-Urban 2.0, including the central assistance of ₹2.2 lakh crore in the next five years.
While tabling the Union Budget 2024-25, the Finance Minister said that under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of ₹10 lakh crore. This will include the central assistance of ₹2.2 lakh crore in the next five years.
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A provision of interest subsidy to facilitate loans at affordable rates is also envisaged. In addition, enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place.
She also said that three crore additional houses under the PM Awas Yojana in rural and urban areas in the country have been announced, for which the necessary allocations are being made.
The announcement of huge allocation in both rural and urban locations under the PM Awas Yojana has been welcomed by the industry leaders. They also said said that the credit-linked subsidy is a big boost for the affordable housing segment.
Lower stamp duty for women purchasing property is likely to drive the growth of more first-time home buyers. Digitisation of land records will improve transparency, boost revenue compliance and improve overall credit flow,” said Sundaram Home Finance Managing Director D. Lakshminarayanan.
