Maharashtra: Realtors Welcome Centre’s Move To Extend PMAY Scheme

Maharashtra: Realtors Welcome Centre’s Move To Extend PMAY Scheme

In a decisive move hours after taking office for a historic third consecutive term on June 10, Prime Minister Narendra Modi announced an assistance for the construction of an additional three crore rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY).

Bhalchandra ChorghadeUpdated: Tuesday, June 11, 2024, 10:25 PM IST
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Maharashtra: Realtors Welcome Centre’s Move To Extend PMAY Scheme | Representational Image

Mumbai: In a decisive move hours after taking office for a historic third consecutive term on June 10, Prime Minister Narendra Modi announced an assistance for the construction of an additional three crore rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). The decision, which aims to further the government's mission of ‘Housing for All’, has been welcomed by the city’s real estate fraternity.

Since 2015-16, the PMAY has been instrumental in assisting eligible rural and urban households for the construction of houses with basic amenities. According to the reports, over the past decade, approximately 4.21 crore houses have been completed under this scheme, demonstrating the government's commitment to improving housing infrastructure and living standards across the country.

Welcoming this move, Chairman, NAREDCO National, Dr. Niranjan Hiranandani said, “Development of affordable housing is a crucial step towards revitalizing the property market. As the real estate sector is the second largest employer in the country, the extension of the PMAY 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," Hiranandani added.

President of NAREDCO Maharashtra, Prashant Sharma expressed strong support for this initiative and said, “This initiative is a significant step towards achieving the vision of ‘Housing for All’ and will 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 are committed to supporting this endeavour and look forward to collaborating with the government to ensure the successful implementation of this ambitious project.”

Echoing this sentiment, Vice President of CREDAI-MCHI and Co-Founder & Director of Tridhaatu Realty, Pritam Chivukula remarked, “The decision is a progressive step that aligns with our commitment to address the housing needs of our nation and strengthen 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.”

Of the three crore houses, two crore will be constructed under PMAY-Gramin, while 1 crore will be under PMAY-Urban. Under the PMAY-G, each beneficiary gets funds up to Rs 1.2 lakh in the plains and Rs 1.3 lakh in hilly states, difficult areas, and tribal and backward districts under the Integrated Action Plan (IAP). The Centre has also decided to increase the cost of construction of the PMAY-G house from existing Rs 1.2 lakh to Rs 1.8 lakh in the plains and Rs 1.3 lakh to Rs 2 lakh in the hilly areas.

The additional two crore PMAY-G houses will be over and above the 2.95 crore houses sanctioned under the rural scheme since its inception in 2016. Of these 2.95 crore, 2.61 crore have been built under the PMAY-G till date.

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