The government has set a target to sanction about 75 lakh houses under the Pradhan Mantri Awas Yojana (Urban) (PMAY-U) by March 2019. According to an official from the Ministry of Housing and Urban Affairs, nearly 30 lakh housing units are expected to be completed by March next year. In addition to helping poor people have a home of their own, this affordable housing scheme has also helped banks achieve credit growth.
For the fiscal year 2017-18, the ministry has sanctioned over 26.7 lakh houses across the country. For the year 2018-19, the number of houses sanctioned under this scheme increased to 30.6 lakh units. Since the launch of the program in 2015, construction has been approved for over 53.7 lakh houses. The government aims to reach the target of sanctioning 75 lakh units by March 2019.
Of the total units sanctioned so far under this affordable housing scheme, nearly 30 lakh houses are currently under various stages of completion. Construction work has been fully completed for over 8 lakh houses. The official also noted that construction of houses under this scheme takes an average of 18 months to complete.
According to the ministry, the Centre has approved more than Rs.78,000 crore under the scheme over the last three years. Of the total amount approved, nearly Rs.27,653.18 crore has been sanctioned and released by the government. It is estimated that nearly Rs.9,565 crore has been utilised so far under the scheme in the last three years.
The scheme was originally introduced by the government in the year 2015, and it subsumed all the previous affordable housing schemes launched by the government. Some of the earlier initiatives launched by the government include the National Housing Policy of 1994, the Jawaharlal Nehru Urban Renewal Mission of 2005, and Rajiv Awas Yojana of 2013. The PMAY-U primarily targets the urban poor and aims to achieve ‘Housing for All’ by the year 2022.
Source: Financial Express