The Union Cabinet, under the leadership of Prime Minister Narendra Modi, has approved Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, 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.
Here are the reactions from the industry leaders:
Prashant Sharma, President, NAREDCO Maharashtra
“The Union Cabinet’s approval of PMAY-U 2.0 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 catalyzes the growth of the real estate sector, spurring job creation, and fostering economic resilience. By providing financial assistance through states, union territories, and public lending institutions, PMAY-U 2.0 strengthens the collaborative framework between the government and private sector, essential for realizing the goal of inclusive urban development. The focus on affordability and accessibility is particularly commendable, as it ensures that urban housing is within reach for those who need it most. 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. This initiative, rooted in the vision of the Hon’ble Prime Minister, not only addresses the current housing deficit but also sets a new benchmark for future urban development.”
Pritam Chivukula, Vice President, CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty
“We applaud the Government’s decisive action in approving Pradhan Mantri Awas Yojana-Urban 2.0, which marks a significant step towards inclusive urban development. 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. This scheme will catalyze the sector, create numerous job opportunities, and stimulate economic activities in related industries, thereby fostering a holistic development of the urban ecosystem.”
Rajeev Ranjan, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd
“The approval of Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 by the Union Cabinet is a significant step towards addressing the housing needs of urban poor and middle-class families in India. This 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. With an investment of Rs 10 lakh crore, this scheme not only promises to enhance the quality of life for millions but also contributes to the broader goal of urban development and economic growth. 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.”