PMAY Urban 2.0 fund boost set to accelerate affordable housing
Pradhan Mantri Awas Yojana (PMAY) Urban 2.0 plan over the next five years is expected to boost the affordable housing segment, allowing those migrating to cities for a livelihood to secure reasonable accommodation.
PMAY-U is among the major flagship programmes being implemented by the government to provide all-weather pucca houses to all eligible beneficiaries in the urban areas. Under PMAY-U, more than 11.8 million homes have been sanctioned while nearly 9 million houses have already been constructed and delivered to the beneficiaries.
“The nature of the housing scheme has changed in its new avatar. Government is using a wider mix of schemes ranging from interest subsidy to credit guarantee. While the quantum of interest subsidy per beneficiary has been scaled down, the government’s capital support will help a larger base of needy population. The government intends to do both — enhance its capital productivity and accelerate the ‘Housing for All’ timelines,” said Vivek Rathi, National Director Research, Knight Frank India.
Along with addressing the current housing deficit, the initiative also sets a new benchmark for future urban development.
“The decision not only promises to uplift the quality of life for millions but also catalyzes the growth of the real estate sector, spurring job creation, and fostering economic resilience. By providing financial assistance through states, union territories, and public lending institutions, PMAY-U 2.0 strengthens the collaborative framework between the government and
