Union Budget for 2024-25 soon to Introduce Housing Scheme to boost Infra Sector

For the flagship scheme PMAY - Pradhan Mantri Awas Yojana, the interim Union Budget 2024-25 billed Rs. 80,671 crore. This allocation gives additional boost up to the government’s affordable housing programme.

Proposing the Union Budget, Union Finance Minister Nirmala Sitharaman said that the execution of PM Awas Yojana (Grameen) sustained with unwavering commitment and the government is close up to attaining the goal of three crore houses, even the programme has been hit by the challenges due to COVID in the initial stages.

She also added that there are two crore more houses will be taken up in the next five years to meet the requirement & demands coming up from the raise in the number of families.

Commenting on this scheme, Boman Irani, Keystone Realtors and President CREDAI National, an apex body of developers says,"Under PM Awaas Yojana - Grameen, the announcement to build 2 crore additional houses in the next 5 years to cater to growing demand and announcement of a housing scheme to help deserving sections of the middle class to buy or build their own houses is encouraging and will aid in the growth of the housing market”.

Similarly, Vidip Jatia, MD, Supreme Holdings and Hospitality (India) Ltd says, "We welcome the government's aim to construct 2 crore affordable housing in the form PMAY (rural) scheme. The focus on affordable housing will give required push to urbanization in outskirts of tier-2 and tier-3 towns amid home loan interest rates expected to go down in coming months”.