Concrete Step To Boost Affordable Housing Supply Under Pradhan Mantri Awaas Yojana

Concrete Step To Boost Affordable Housing Supply Under Pradhan Mantri Awaas Yojana

The maiden cabinet’s decision to facilitate the construction of three crore additional rural and urban houses under the PMAY has been lauded

Sheetal S PatilUpdated: Saturday, July 06, 2024, 08:28 PM IST
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Shelter being one of the three necessities of life, any announcement that increases the supply of housing - especially the affordable category – is always welcome. However, when the new government at the centre took a specific decision, that too in the very first cabinet meeting, to sanction the construction of three crore additional rural and urban houses under the Pradhan Mantri Awaas Yojana (PMAY) scheme, it was definitely appreciated by the office bearers of real estate associations.

G Hari Babu, National President of NAREDCO, stated, “The decision shows the intent of the new government to continue with a welfare approach, indicating that measures to boost housing demand would be among the top priorities. This initiative will not only provide shelter to the poor and the middle class but also generate employment and stimulate the economy. NAREDCO and the real estate fraternity welcome Manohar Lal Khattar as the Union Minister for Housing and Urban Affairs. His tenure as the former Chief Minister of Haryana and the robust measures taken in the state to boost real estate and construction will greatly benefit the Indian real estate sector as a whole. The effective implementation of RERA in Haryana and the growth witnessed in the sector, along with creating investor interest and ensuring consumer protection, are commendable and inspiring achievements that can be replicated in other states.”

Dr Niranjan Hiranandani, Chairman, NAREDCO National, said, “The real estate industry applauds the maiden cabinet’s decision. Affordable housing development is a crucial step towards revitalising the property market. As the real estate sector is the second largest employer in the country, the extension of the PMAY scheme will have a ripple effect on employment and economic growth indices. The construction of urban-rural houses in the backdrop of last-mile connectivity being established under mega infrastructure projects will allow us to explore a multitude of new untapped real estate markets. In addition, the industry emphasizes the importance of upskilling labour to bridge the prevailing skill gap index. The government and private sector should align and reinitiate the extensive skill development program to provide better job opportunities for current unemployed workers. This, in turn, will result in improved socioeconomic conditions for all citizens."

Prashant Sharma, President of NAREDCO Maharashtra, expressed strong support for this initiative. He stated, “We welcome the Cabinet’s decision. This initiative is a significant step towards achieving the vision of ‘Housing for All’ and will undoubtedly bolster the real estate sector, particularly in the affordable housing segment. The increased focus on rural and urban housing will not only improve the living standards of millions but also create substantial employment opportunities, thereby contributing to the overall economic growth. We at NAREDCO Maharashtra are committed to supporting this endeavour and look forward to collaborating with the government to ensure the successful implementation of this ambitious project.”

Pritam Chivukula, Vice President, CREDAI-MCHI, affirmed, “The Union Cabinet’s first decision to provide assistance for the construction of three crore additional rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY) is a progressive step that aligns with our commitment to addressing the housing needs of our nation and bolstering infrastructure development. The emphasis on both rural and urban housing is particularly commendable, ensuring that the benefits of this initiative are widespread and inclusive. This decision will not only enhance the quality of life for countless families but also stimulate economic growth by fostering related industries. We at CREDAI-MCHI are eager to collaborate with the government to achieve these ambitious targets and contribute to the successful implementation of PMAY.”

While the PMAY has been gradually making an impact, the urban home seekers have great expectations from it with hopes that projects in the peripheral areas or ‘exurbs’ will be playing a concrete role in enhancing the affordable housing stock going forward.

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