Cabinet approves creation of a Rs 60,000-crore fund for PMAY


The union cabinet has announced that the National Urban Housing Fund will have provisioning of funds to the tune of Rs 60,000 crores, to finance the Pradhan Mantri Awas Yojana (Urban) scheme

The union cabinet, on February 20, 2018, approved the creation of a fund of Rs 60,000 crores, to finance the Pradhan Mantri Awas Yojana (Urban), a move that union minister Hardeep Singh Puri said would ‘add momentum to the pace of implementation’ of the government’s flagship scheme. The National Urban Housing Fund (NUHF) will have provisioning of funds to the tune of Rs 60,000 crores, over the next four years, the housing and urban affairs minister said.

See also: There will not be any fund crunch for PMAY scheme: Housing minister

He said the fund will be established in the ‘Building Materials and Technology Promotion Council (BMTPC)’, an autonomous body under the housing and urban affairs ministry. Under the PMAY (U), the housing and urban affairs ministry targets construction of about 1.2 crore houses for the urban poor. The ministry has sanctioned 39.4 lakh houses under the scheme so far, Puri said, adding that by March 2018, the number is expected to go up to 45 lakhs.

The minister also exuded confidence that the government would be able to provide houses to all the urban poor, before the target of 2022. “With the cabinet having approved the NUHF provisioning for funds amounting to Rs 60,000 crores over a period of four years, there will be an added momentum to the pace of implementation,” he said.

On an average, the ministry approves central assistance to between two to three lakh houses every month, he said. A committee will be constituted in the ministry to be chaired by the joint secretary/mission director of PMAY (Urban), to operationalise and monitor the NUHF.

 

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