February 1, 2024: The government will construct over two crore affordable houses in the next five years- 2029, under the Pradhan Mantri Awas Yojana (Rural).
The Centre has already achieved a target of around 3 crore houses under the Pradhan Mantri Awas Yojana- Gramin. “Despite COVID, this continued, and we’re close to achieving the target of 3 crore houses. 2 crore more houses will be taken up in the next 5 years to meet the need arising from increase in number of families,” said finance minister Nirmala Sitharaman in her Interim Budget 2024.
Commenting on this initiative, Amit Mishra, co-founder, 91Squarefeet, said, “The finance minister’s announcement of constructing 2 crore more houses under Pradhan Mantri Awas Yojna heralds a new era of growth, benefiting not only real estate developers but also financial institutions. As more individuals opt for housing loans, this initiative promises to fuel economic prosperity, fulfilling the aspirations of the rural and urban poor, as well as the middle class. Beyond providing homes, it stands to generate employment opportunities, weaving a tapestry of progress for both individuals and the industry at large.”
Sandeep Runwal, president, NAREDCO-Maharashtra, said, “The commitment to the PM Awas Yojana Gramin, with the target of constructing 2 crore additional houses, continues the government’s focus on rural development. Achieving the milestone of 3 crore houses under the rural housing scheme and setting an ambitious target for the next 5 years reflects a significant investment in infrastructure development that addresses a basic need – housing.”
A M Karthik, senior vice president & co-group head, financial sector ratings, ICRA, said, “Additional 2 crore houses under the PMAY (Gramin) over the next 5 years and the proposed launch of an housing scheme to the middle class would boost demand for affordable housing units. This augurs well for housing finance companies, who have been a key driver of credit to these segments in the recent past. While liquidity at this juncture looks tight, a lower GOI borrowing programme in the next fiscal could temper the funding cost increase of these lenders.”
Also, announced in the interim Budget is a new housing scheme for the middle-class homebuyers in India.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
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