Interim Budget 2024 – PMAY News:
India’s commitment to affordable housing received a significant boost with Finance Minister Nirmala Sitharaman‘s announcement in the Interim Union Budget 2024-25. The government has earmarked Rs 80,671 crore for the Pradhan Mantri Awas Yojana (PMAY), a flagship scheme that epitomizes the nation’s ‘Housing for All’ vision.
This enhanced allocation, up from the previous budget’s Rs 79,590 crore, highlights the government’s resolve to address the urban housing crisis. PMAY, since its inception in June 2015, has been pivotal in providing ‘pucca’ houses with essential amenities to eligible beneficiaries, primarily targeting low and middle-income groups.
In an innovative move addressing the housing needs of the middle class, a section often caught in the housing affordability gap, the government plans to roll out specific schemes. This initiative will assist those living in rented accommodations, slums, chawls, or unauthorized colonies, enabling them to purchase or construct their own homes.
The Budget’s highlight is the ambitious target of setting up two crore affordable houses over the next five years. This target builds on the success of PMAY-Gramin, which has been close to achieving its three-crore rural housing goal despite COVID-19 challenges.
A notable aspect of PMAY-Gramin is its focus on empowering women, with 70% of the houses being allocated to female beneficiaries. The scheme offers financial assistance of Rs 1.20 lakh in plain areas and Rs 1.30 lakh in hilly regions, shared between the central and state governments in a 60:40 ratio.
As the nation gears up for sustainable development and improved productivity, the Budget’s focus on housing is strategic. By ensuring affordable housing, the government aims to enhance living standards and foster inclusive growth.
The PMAY’s extension to December 31, 2024, to complete sanctioned houses by March 31, 2022, is a testament to its ongoing commitment. This move is expected to address the urban housing shortage effectively and promote homeownership, especially among women.
For more information on PMAY and its various facets, visit the official website here.
In conclusion, the Interim Budget 2024 marks a significant step in India’s affordable housing journey. By bolstering PMAY and introducing targeted schemes for the middle class, the government renews its pledge towards ‘housing for all,’ ensuring that every Indian has a place to call home.
Pro tip: If you are planning to buy or construct a new home in 2024, then you can get a home loan interest subsidy of up to Rs. 2,67,000 under the PM Awas Yojana. Check your eligibility with our PMAY Subsidy Calculator.