File photo of PM Narendra Modi at an exhibition of Pradhan Mantri Awas Yojana (Urban) development plan. (Representative image)
Credit: PTI File Photo
New Delhi: The Union Cabinet on Friday approved Pradhan Mantri Awas Yojana-Urban (PMAY-U)-2 aimed at constructing 1 crore houses for urban poor and middle-class families in a five years period.
"Under the scheme financial assistance will be provided to 1crore urban poor and middle-class families through States/Union Territories to construct, purchase or rent a house at an affordable cost in urban areas in 5 years. The Government Assistance of Rs 2.30 lakh crore will be provided under the Scheme, " a statement from the government said.
"PMAY-U- 2 with a total investment of Rs 10 lakh crore, will address the housing needs of one crore families, ensuring that every citizen leads a better quality of life," the statement said.
PMAY-U is one of the major flagship programmes being implemented by the NDA Government to provide all-weather pucca houses to all eligible beneficiaries in the urban areas. Under PMAY-U, 1.18 crore houses have been sanctioned while more than 85.5 lakh houses have already been constructed and delivered to the beneficiaries, he said.
The cabinet also approved the proposal of“Implementation of the Pradhan Mantri Awaas Yojana – Gramin(PMAY-G) during FY 2024-25 to 2028-29” wherein financial assistance is to be provided for the construction of two crore more houses at existing unit assistance of Rs.1.20 lakh in plain areas and Rs.1.30lakh in North Eastern Region States and Hill States of HimachalPradesh, Uttarakhand, Union Territories of Jammu and Kashmir andLadakh.
With the approval of this, the remaining 35 lakh houses not completed till 31.03.2024 would be completed to achieve the cumulative target of 2.95 crore houses of the previous phase,said the statement.
"Now, two crore more houses will be constructed under the PMAY-G during the next five years from FY2024-2029 to address housing needs that have arisen over the years. Construction Of houses for two crore more households is expected to benefit nearly 10 crore individuals, the statement added.