PMAY-Urban Extension Marks a New Era in Urban Housing and Development

The Union Cabinet recently sanctioned the continuation of the Pradhan Mantri Awas Yojana (Urban) until December 2024. This decision, revealed in an official statement, marks an extension of the scheme originally launched in June 2015.

The 'Housing for All' Mission, initially set to conclude in March 2022, targets the provision of pucca houses for all qualifying urban residents.

Financial Support for Housing Completion

The government has committed to financially supporting the completion of approximately 122.69 lakh houses, which had been sanctioned until March 31, 2022. Following requests from states and Union territories, Prime Minister Narendra Modi’s cabinet agreed to extend PMAY-Urban's implementation to the end of 2024.

Progress and Achievements Under PMAY-Urban

The focus on ensuring housing for all eligible urban dwellers was intensified under the Modi government, culminating in the formulation of the PMAY-Urban scheme. Initially, the demand was estimated at 100 lakh houses. However, as per the latest figures, over 102 lakh houses are either under construction or grounded. Of these, 62 lakh houses have been completed. The statement also highlighted that nearly 40 lakh house proposals were received in the last two years of the scheme's original timeline, necessitating an additional two years for completion.

Significant Increase in Central Assistance

The statement further elaborated on the financial aspects, noting a substantial increase in central assistance for the scheme. Since 2015, the approved central assistance has reached Rs 2.03 lakh crore, a significant jump from the Rs 20,000 crore allocated between 2004 and 2014. As of March 31, 2022, a total of Rs 1,18,020.46 crore has been released, with an additional Rs 85,406 crore expected to be disbursed by the end of 2024.

Scheme Implementation and Verticals

The extension till December 31, 2024, is anticipated to aid in the completion of already sanctioned houses under various verticals of the scheme, namely Beneficiary Led Construction/Enhancement (BLC), Affordable Housing in Partnership (AHP), and In-situ Slum Redevelopment (ISSR). The scheme, implemented through these four verticals including Credit Linked Subsidy Scheme (CLSS), involves significant financial assistance from the Central government, while the states and UTs are responsible for its execution, including beneficiary selection.