New Delhi, Aug 10 : The Union Cabinet, chaired by the Prime Minister Narendra Modi, on Wednesday approved the continuation of the nation’s most popular housing scheme, Pradhan Mantri Awas Yojana Urban (PMAY-U) until 2024.The Cabinet gave its approval to the suggestion of Ministry of Housing and Urban Affairs (MoHUA) in which financial aid is to be given to complete the construction of already approved 122.69 lakh houses until March 31, 2022.
“Housing for All” is one of the most important flagship programs that the government is implementing to provide all-weather permanent homes to all beneficiaries who are eligible in urban areas of the nation.
In 2017, the initial estimated demand was 100 million houses.In contrast to this initial demand, 102, 000 houses are under construction and out of this 62 lakh houses have been built.
A senior official said that out of the sanctioned total of 123 lakh houses, plans of 40 lakh housing units were rejected in late (during the last two years of scheme) from states/UTs that require two years more to complete the process.So, based on requests of the states/UTs the Union Cabinet decided to extend the period of implementation of PMAY-U until 2024.
The scheme is implemented via four verticals: beneficiary-led construction (BLC) affordable housing in partnership (AHP) and in-situ slum development (ISSR) as well as the credit-linked subsidy scheme (CLSS).
The Centre offers financial aid, the states and UTs manage the scheme, including selecting of beneficiaries.
Between 2004 and 2014, 8.04 lakh houses were completed under the Urban Housing Scheme.under the Modi government the issue of housing all urban dwellers who are eligible in the state of saturation was brought to the forefront and the concept of PMAY-Urban was conceived.
The amount of Central assistance that has been approved as of 2015 is 2.03 lakh crore compared to the amount of Rs 20000 crore in 2004-2014.Through March 31st, 2022, the Central assistance/subsidy of the amount of 1,18,020.46 crore has been released.The remaining the amount of Rs 85,406 crore is expected to be released until December 31st 2024.
The extension of this scheme on the demand of states/UTs through 2024 will assist in the construction of houses that have been sanctioned under the BLC, AHP & ISSR verticals.