Prime Minister Narendra Modi has approved government assistance for the construction of three crore rural and urban houses under Pradhan Mantri Awas Yojana (PMAY). Of the three crore houses, two crore will be constructed under PMAY-Gramin, while 1 crore under PMAY-Urban.
Commenting on this initiative, Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd, says, “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). This decision reinforces the government’s commitment to “housing for all” and introduces a significant enhancement: a higher eligible carpet area under the PMAY-Urban (PMAY-U) scheme, compared to the earlier Credit Linked Subsidy Scheme (CLSS).”
“By expanding carpet area eligibility, the government is addressing critical challenges faced by potential homebuyers in the affordable and mid-housing segments. This progressive step is expected to increase home ownership opportunities for urban and rural populations, ensuring broader access to housing and promoting socio-economic stability. The new scheme is poised to make a substantial impact on the housing sector, encouraging developers to prioritize affordable housing projects and ultimately boosting the overall housing supply in the country,” he adds.