Modi Govt approves 3 crore additional rural and urban homes under PMAY
If you are one of those looking for a home under the Pradhan Mantri Awas Yojana (PMAY), then there is good news for you. The Modi government has approved the proposal to provide 3 crore additional rural and urban houses under PMAY.
“The Cabinet has decided to further expand the Pradhan Mantri Awas Yojana and construct 3 crore additional rural and urban houses. This decision underscores the government’s commitment to addressing the housing needs of our nation and ensuring that every citizen leads a better quality of life. The expansion of PMAY also highlights our government’s commitment to inclusive growth and social welfare,” Prime Minister Narendra Modi said on Monday.
It may be noted that the Modi government had launched PMAY in 2016 with the aim to provide ‘Housing for All’ and since then over 2.61 crore houses have been built in his last term. To ensure continuity to the program and its commitment towards the same sentiment, the government has now approved the proposal to provide 3 crore additional rural and urban houses under PMAY.
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“This decision is a significant stride forward in advancing dignified living and enhancing the ease of life for millions by fostering affordable housing,” said Anuj Puri, Chairman, ANAROCK Group.
The affordable housing sector, a flagship scheme of the government, had not fared well over the last term. Affordable housing (homes priced under INR 40 lakh) sales in Q1 2024 recorded 26,545 units, which is just 20% of the total sales. Concurrently, supply in this critical segment had also dropped from 44% in Q1 2019 to 18% in Q1 2024, according to ANAROCK.
“Affordable housing is driven
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