Govt’s PMAY move to help boost affordable housing, drive economic growth
PMAY) is expected to boost the supply of much-needed affordable housing and move closer to the vision of housing for all.
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The move is expected to have a significant multiplier effect on the economy given the realty sector’s linkages with over 250 ancillary industries. The government had launched the PMAY mission in June 2015 with an objective to provide housing for all.
In the interim budget earlier this year, Finance minister Nirmala Sitharaman had announced support for the construction of an additional 2 crore homes in the next five years under the PMAY — Gramin (PMAY Rural). The PMAY budgetary allocation was also increased to Rs 80,671 crore for 2024-25 from Rs 79,590 crore in 2023-24.
“Real estate, being the second largest employer in the country, stands to benefit significantly from the extension of the PMAY scheme, which will stimulate job creation and boost economic growth. By addressing fundamental housing needs, PMAY contributes to broader goals of social equity and sustainable development, ensuring a better quality of life for all,” said Jaxay Shah, Chairman, Quality Council of India & CMD, Savvy Group.
According to him, the construction of new homes in urban and rural areas, along with enhanced last-mile connectivity through major infrastructure projects, is expected to open numerous
