August 16, 2023: The government is planning to launch a new housing scheme that will help India’s urban poor to build their own homes, prime minister Narendra Modi said on August 15. Modi made the announcement while speaking from the ramparts of the Red Fort on the occasion of 77th Independence Day.
“The weaker sections who live in the cities face a lot of problems. Middle-class families are dreaming of buying their own houses. We are coming up with a new scheme in the coming years that will benefit those families that live in cities, but are living in rented houses or slums or chawls and unauthorised colonies,” the PM said in his address.
“If they want to build their own houses, we will assist them with a relief in interest rates and loans from banks that will help them save lakhs of rupees,” Modi said.
The PM also said that Rs 90,000 crore were being spent earlier to build the houses of the poor. This amount has increased four times to Rs 400,000 crore now.
Recall here that the government is already supporting a construction of house construction in urban areas under its Pradhan Mantri Awas Yojana-Urban (PMAY-U) component. The housing ministry is implementing the scheme since June 25, 2015, to provide pucca house with basic amenities to all eligible urban beneficiaries across the country. The scheme is implemented through four verticals ─ beneficiary-led construction (BLC), affordable housing in partnership (AHP), in-situ slum redevelopment (ISSR) and the credit-linked subsidy scheme (CLSS) ─ based on eligibility criteria as per scheme guidelines.
The PMAY-U is a demand driven scheme. Accordingly, the government has not fixed any target for construction of houses. States have undertaken demand surveys under the PMAY-U for assessing actual demand of housing and reported a demand of 112.24 lakh homes. A total of 118.90 lakh houses have been sanctioned under the PMAY-U till July 10, 2023.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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