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Under the Pradhan Mantri Awas Yojana (PMAY), Prime Minister Narendra Modi has announced the government’s decision to build 3 crore more rural and urban homes. The government’s dedication to meeting housing demands and enhancing each citizen’s quality of life is demonstrated by this expansion. The Cabinet’s decision to extend PMAY further emphasizes the importance of social welfare and inclusive growth.
“In a visionary move, the newly formed cabinet has approved the construction of an additional 3 crore rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY),” stated Pradeep Aggarwal, Founder & Chairman of Signature Global (India) Ltd. The government’s commitment to “housing for all” is reaffirmed by this decision, which also brings about a major improvement: a larger eligible carpet area under the PMAY-Urban (PMAY-U) program than under the previous Credit Linked Subsidy program (CLSS). The government is addressing significant issues that prospective homeowners in the low and mid-housing segments confront by broadening the eligibility for carpet areas. This progressive move is anticipated to give people in both urban and rural areas more possibilities to become homeowners, guaranteeing greater access to housing and fostering socioeconomic stability. The new plan is expected to have a significant impact on the housing sector, encouraging developers to prioritize affordable housing projects and ultimately boosting the overall housing supply in the country.”
According to Ravi Shankar Singh, Managing Director of Colliers India’s Residential Transaction Services, the announcement of 3cr extra housing units is a very positive move. By addressing rural India’s housing requirements and generating jobs in these areas, the government is steering the PM Awas Yojana in the correct direction.
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