Presenting the interim Union Budget 2024, Union Finance Minister Nirmala Sitharaman said on Thursday said that India is close to achieving the target of three crore houses under the Pradhan Mantri Awas Yojana (Grameen).
She also said that two crore more houses will be constructed in the next five years under the scheme.
“Despite the challenges due to COVID, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families.
She also said that Modi-led government will also launch a scheme to help deserving sections of the middle class “living in rented houses, or slums, or chawls and unauthorized colonies” to buy or build their own houses.
Speaking about the Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN) scheme, Sitharaman said, “PM-JANMAN Yojana reaches out to the particularly vulnerable tribal groups, who have remained outside the realm of development so far.
Prime Minister Narendra Modi had released the first instalment of Rs 540 crore to one lakh beneficiaries of a rural housing scheme under the PM-JANMAN in January via video conferencing.
On November 15, the PM-JANMAN was launched for the socio-economic welfare of the Particularly Vulnerable Tribal Groups (PVTGs). The budget for the scheme stands at Rs 24,000 crore.
Industry experts on PM Awas Yojana Grameen
Founder at Hub and Oak, Srishti Dhir told Financial Express Online said, “As the infrastructure budget is increased by 11 per cent to Rs 11.11 lakh crore, it will support the growth and development of the country. On the real estate front, although there were no big-bang announcements related to the sector, we hope that government’s plan on improving connectivity and infrastructure in India will fuel the growth of the realty sector in the near future.”
Atul Monga, CEO and Co-founder, Basic Home loan said, “The prospect of constructing two crore new houses within the next five years is a commendable step towards addressing India’s growing housing needs. The focus on providing solar power benefits to one crore houses aligns with sustainable development goals, promoting clean energy and reducing environmental impact. The Pradhan Mantri Awas Yojana’s impact on 70% women is a notable achievement, contributing to gender equality and empowering women through homeownership.”
Tribhuwan Adhikari, MD & CEO of LIC HFL, said, “The extension of support through initiatives like 2 crore new houses under the PM Awas Yojana Grameen, will sustain house building activities in rural areas, thereby fostering socio-economic stability and growth.”