PM Modi's PMAY Initiative: A Giant Leap towards Achieving Housing for All
Real estate experts hail PM Modi's decision to construct three crore additional rural and urban houses under Pradhan Mantri Awas Yojana, a major step towards 'Housing for All'
Real EstatePmayHousing For AllNarendra ModiPradhan Mantri Awas YojanaReal Estate MaharashtraJun 17, 2024
Prashant Sharma, President of NAREDCO Maharashtra, expressed strong support for this initiative. He stated, 'We welcome the Cabinet’s decision to provide assistance for the construction of three crore additional rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This initiative is a significant step towards achieving the vision of 'Housing for All' and will undoubtedly bolster the real estate sector, particularly in the affordable housing segment.'
Since 2015-16, under Prime Minister Modi’s leadership, the Pradhan Mantri Awas Yojana has been instrumental in providing assistance to eligible rural and urban households for the construction of houses with basic amenities. According to the Government, over the past decade, approximately 4.21 crore houses have been completed under this scheme, demonstrating the government's commitment to improving housing infrastructure and living standards across the country.
Rajat Likhyani, Principal Partner at Square Yards reiterated, 'PMAY has been a crucial initiative in addressing the housing shortage across both urban and rural areas. The scheme offers essential credit-linked subsidies, helping eligible families to achieve homeownership and access basic amenities significantly improving their living conditions. In the last 10 years, the scheme has facilitated the completion of 4.21 crore homes.'
Ravi Shankar Singh, Managing Director, Residential Transaction Services, Colliers India added, 'The announcement of 3 crore additional housing units is a very welcoming initiative. The govt is driving the PM Awas Yojana in the right direction by addressing the housing needs of rural India and at the same time creating employment opportunities in these regions.'
As the Modi 3.0 administration embarks on this renewed journey, the focus on 'Housing for All' underscores a continued dedication to inclusive growth and development, aiming to make a tangible difference in the lives of millions of Indians.
Information
NAREDCO Maharashtra is a leading real estate association that aims to promote the development of the real estate sector in Maharashtra.
Square Yards is a real estate advisory firm that provides end-to-end solutions for property buyers and sellers.
Colliers India is a leading real estate consulting firm that provides strategic advice to real estate developers, investors, and occupiers.
Frequently Asked Questions
What is Pradhan Mantri Awas Yojana (PMAY)?
PMAY is a government scheme that aims to provide assistance to eligible rural and urban households for the construction of houses with basic amenities.
How many houses have been completed under PMAY in the last 10 years?
Approximately 4.21 crore houses have been completed under PMAY in the last 10 years.
What is the goal of PMAY?
The goal of PMAY is to achieve 'Housing for All' and improve living standards across the country.
How will PMAY benefit the economy?
PMAY will create substantial employment opportunities, thereby contributing to the overall economic growth.
What is the scope of PMAY in rural India?
PMAY will address the housing needs of rural India and create employment opportunities in these regions.
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