The FY25 Union Budget represents a decisive step forward in addressing India’s housing needs with the expansion of the Pradhan Mantri Awas Yojana (PMAY) to include 3 crore additional houses. This ambitious plan, supported by a proposed central assistance of ₹2.2 lakh crore over the next five years, underlines the Government’s commitment to providing quality housing for all. The introduction of an interest subsidy scheme for urban housing will make loans more affordable, enhancing access for many looking to realise their housing dreams. The Budget also emphasizes substantial investment in urban housing under PMAY 2.0, with an allocation of ₹10 lakh crore, showcasing a comprehensive approach to meeting urban housing demands.
As of now, 118.64 lakh houses have been sanctioned under PMAY-U, with 85.04 lakh already completed, reflecting significant progress. In rural areas, the PMAY-G scheme has facilitated the construction of 2.95 crore pucca houses by March 2024, with 2.94 crore houses sanctioned and 2.55 crore completed by February 2024. This highlights the Government’s dedication to improving the overall infrastructure across the country and providing improved living conditions for the Economic Weaker Section (EWS) & Low Income Group (LIG) populous, thereby boosting overall economic development.
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