Budget 2024 : Government Announce that Rs 10 Lakh Crore Invested in PMAY

                Finance Minister Nirmala Sitharaman today announced a Rs 2.2 lakh crore central assistance to boost development of affordable homes in urban areas - a segment that 
has been 
struggling for years. The FM, while tabling the budget for 2024-25 at the Lok Sabha said that under the second instalment of Pradhan Mantri Awas Yojana-Urban (PMAY-U) 
1 crore new 
homes will be built to support the needs of poor and mid-income households.
“Under the PM Awas Yojana Urban 2.0, housing needs of 1 crore urban poor and middle-class families will be addressed with an investment of ₹ 10 lakh crore. This will 
include the 
central assistance of ₹ 2.2 lakh crore in the next 5 years. A provision of interest subsidy to facilitate loans at affordable rates is also envisaged,” she said at the Parliament. 
The scheme part of the government’s plan to build 3 crore affordable homes over the next five years in urban and rural areas. These homes, apart from being subsidised, 
also includes 
government support for availing home loans at a lower interest rate. “Three crore additional houses under the PM Awas Yojana in rural and urban areas in the country have 
been 
announced, for which the necessary allocations are being made,” Sitharaman further added.
The move has received wide spread appreciation from the industry stakeholders, including realtors. “The government's commitment to making housing more affordable, 
with a Rs 2.2 lakh 
crore push under the PM Awas Yojana-Urban, is a significant step forward. Addressing the housing needs of one crore poor and middle-class families with an investment of 
₹10 lakh 
crore, including central assistance of ₹2.2 lakh crore over the next five years, reflects a robust and inclusive approach to urban development,” says Prashant Sharma, 
President, 
NAREDCO Maharashtra.
According to Boman Irani, President of real estate industry body CREDAI, the measures are expected “to enhance ease of living and dignity for crores of Indians. These 
announcements 
reiterate the government's focus on ‘housing for all’”.
Samantak Das, Chief Economist and Head of Research & REIS, India, JLL says, “one crore homes in urban areas as well as considering bringing back interest subsidies is 
a positive 
step which will support the affordable housing segment”.

Source : Money Control