With the Union Cabinet approving the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 on Monday, the city’s real estate sector feels the government has taken a significant step towards achieving housing for all in India. This initiative aims to provide financial assistance to one crore urban poor and middle-class families over the next five years, enabling them to construct, purchase, or rent homes at affordable costs.
With an investment of Rs 10 lakh crore, including government assistance of Rs 2.30 lakh crore, this ambitious scheme is poised to enhance the quality of life for millions, furthering the government's commitment to ensuring that every citizen has access to safe and secure housing. PMAY-U 2.0 builds upon the successes of its predecessor, which has already sanctioned 1.18 crore houses and delivered over 85.5 lakh homes to beneficiaries across urban India.
While special attention will be given to marginalized groups, including slum dwellers, SC/STs, minorities, widows, persons with disabilities, and other underprivileged sections of society, other sections of the society such as safai karmi, street vendors, artisans, anganwadi workers, and residents of slums/chawls will receive focused support under this scheme.
Welcoming the decision, President of NAREDCO Maharashtra, Prashant Sharma said, “The approval marks a monumental step in addressing the housing needs of our urban population, particularly the economically weaker sections and middle-class families. With an ambitious target to assist one crore families and a substantial investment of Rs 10 lakh crore, this initiative reflects the government's unwavering commitment to ensuring housing for all. This decision not only promises to uplift the quality of life for millions, but also catalyses the growth of the real estate sector, spurring job creation, and fostering economic resilience.”
“As we move forward, it will be crucial to ensure that the implementation of this scheme is streamlined and that the benefits reach the intended beneficiaries in a timely manner,” he added.
Applauding the government decision, the Vice President of CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty, Pritam Chivukula said, “This initiative not only promises to enhance the urban landscape but also ensures that the dream of owning a home becomes attainable for our urban poor and middle-class families. The comprehensive financial assistance of Rs 2.30 lakh crore reflects a strong commitment to address the housing shortage and improve living standards across urban areas.”
Echoing similar feelings, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd, Rajeev Ranjan said, “The initiative, with an ambitious target of providing financial assistance to 1 crore households, is a testament to the government’s commitment to ensuring that every citizen has access to affordable housing. The emphasis on affordable housing will likely spur demand in the sector, paving the way for innovative housing solutions and partnerships between public and private sectors.”
