1. Finance Minister Nirmala Sitharaman announced a groundbreaking housing scheme in the interim Union Budget for 2024-25.
2. The government’s ambitious plan targets the construction of 2 crore new homes, specifically catering to individuals in slums, unauthorized colonies, or rented accommodations
3. This initiative aims to empower individuals to own or construct their residences, aligning with the broader ‘Housing for All’ mission and marking a significant step in addressing housing needs in India.
New Delhi, Feb 01: In the much-anticipated interim Union Budget for 2024-25, Finance Minister Nirmala Sitharaman unveiled a significant commitment toward addressing housing needs in India.
The key announcement revolves around the government’s ambitious housing scheme, aiming to provide 2 crore new homes for individuals residing in slums, unauthorized colonies, or rented accommodations, enabling them to own or construct their residences.
This strategic move aligns seamlessly with the broader ‘Housing for All’ mission championed by the government, encompassing existing initiatives such as Pradhan Mantri Awas Yojana-Urban (PMAY-U) and Pradhan Mantri Awas Yojana-Rural (PMAY-R).
Finance Minister Sitharaman, during her budget speech, highlighted the remarkable progress achieved under the PMAY-Rural scheme, with the completion of 30 million houses.
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Looking ahead, the government aims to construct an additional 20 million houses over the next five years to accommodate the evolving needs of families across the country.
The Union Budget for the fiscal year 2023-24 marked a substantial increase in the allocation for the Pradhan Mantri Awas Yojana scheme, witnessing a boost of 66 per cent to reach Rs 79,000 crore.
Out of this allocation, Rs 25,103 crore is earmarked for PMAY-Urban, reflecting the government’s commitment to accelerating the ‘Housing for All’ mission. The remaining funds are designated for the PMAY-Rural scheme, contributing to the holistic approach of addressing housing challenges in both urban and rural landscapes.
This financial commitment underscores the government’s recognition of the pivotal role that adequate housing plays in fostering social and economic development.
By focusing on slums, unauthorized colonies, and rented accommodations, the housing scheme aims to uplift marginalized communities, providing them with a tangible path to homeownership.
As the government lays the foundation for the implementation of this housing scheme, it reinforces its dedication to inclusive growth and the well-being of citizens across the nation.
The allocation of substantial funds signifies a proactive approach to meeting the evolving housing needs of the population, marking a positive step toward achieving the ‘Housing for All’ vision.
