PMAY-U 2.0: A Major Step Towards Achieving Housing for All in India
Real Estate Sector Hails PMAY-U 2.0 Approval as a Significant Step Towards Affordable Housing
Pmayu 20Affordable HousingReal Estate SectorHousing For AllUrban DevelopmentReal Estate MumbaiAug 12, 2024
With an investment of Rs 10 lakh crore, including government assistance of Rs 2.30 lakh crore, this ambitious scheme is poised to enhance the quality of life for millions, furthering the government's commitment to ensuring that every citizen has access to safe and secure housing. PMAY-U 2.0 builds upon the successes of its predecessor, which has already sanctioned 1.18 crore houses and delivered over 85.5 lakh homes to beneficiaries across urban India.
While special attention will be given to marginalized groups, including slum dwellers, SC/STs, minorities, widows, persons with disabilities, and other underprivileged sections of society, other sections of the society such as safai karmi, street vendors, artisans, anganwadi workers, and residents of slums/chawls will receive focused support under this scheme.
Welcoming the decision, President of NAREDCO Maharashtra, Prashant Sharma said, “The approval marks a monumental step in addressing the housing needs of our urban population, particularly the economically weaker sections and middle-class families. With an ambitious target to assist one crore families and a substantial investment of Rs 10 lakh crore, this initiative reflects the government's unwavering commitment to ensuring housing for all.
“As we move forward, it will be crucial to ensure that the implementation of this scheme is streamlined and that the benefits reach the intended beneficiaries in a timely manner,” he added.
Applauding the government decision, the Vice President of CREDAI-MCHI and Co-Founder & Director, Tridhaatu Realty, Pritam Chivukula said, “This initiative not only promises to enhance the urban landscape but also ensures that the dream of owning a home becomes attainable for our urban poor and middle-class families. The comprehensive financial assistance of Rs 2.30 lakh crore reflects a strong commitment to address the housing shortage and improve living standards across urban areas.”
Echoing similar feelings, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd, Rajeev Ranjan said, “The initiative, with an ambitious target of providing financial assistance to 1 crore households, is a testament to the government’s commitment to ensuring that every citizen has access to affordable housing. The emphasis on affordable housing will likely spur demand in the sector, paving the way for innovative housing solutions and partnerships between public and private sectors.”
Frequently Asked Questions
What is Lokshahi Din?
Lokshahi Din is a public hearing conducted by MHADA to address the grievances of its citizens.
How many applications were reviewed during the fifth Lokshahi Din?
Nine applications were reviewed during the fifth Lokshahi Din.
What was the outcome of the Lokshahi Din?
The Vice President and CEO of MHADA, Sanjeev Jaiswal, issued immediate instructions for taking prompt action on each complaint.
What is the primary objective of MHADA?
The primary objective of MHADA is to provide affordable housing to the citizens of Maharashtra.
What is the significance of citizen-friendly policies adopted by MHADA?
The citizen-friendly policies adopted by MHADA prioritize the convenience and welfare of the public, ensuring that the citizens' grievances are addressed promptly.
Related News Articles
Union Budget 2024-25: Real Estate's Wish List for a Revival
The real estate sector pins hope on the Modi government for tax reliefs and sentiment boosters in the upcoming Union Budget 2024-25.
HOMETHON Property Expo 2024: A Mega Real Estate Event in Mumbai
Naredco's Maharashtra chapter hosts HOMETHON Property Expo 2024 in Mumbai, showcasing over Rs 10,000 crore worth of real estate projects, offering a mix of affordable and luxury properties.
Raymond Jumps 17% as BSE, NSE Approve Realty Business Demerger
Raymond's stock surged 17% after the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) approved the demerger of its real estate arm, Raymond Realty. The company received a 'No Adverse Observation/No Objection' clearance from both exchanges...
Aditya Birla Real Estate Secures Rs 104-Crore Land in Boisar, Boosts Property Portfolio
Aditya Birla Real Estate, headquartered in Mumbai, has expanded its property portfolio with the acquisition of a Rs 104-crore land plot in Boisar. This strategic move is expected to drive the company's growth in the real estate sector. The company current
Lionel Messi's €223 Million Real Estate Portfolio Listed as REIT in Spain
Lionel Messi, the Argentine football legend, has made a strategic move in the real estate sector by listing his €223 million property portfolio as a real estate investment trust (REIT) in Spain. The new REIT, Edificio Rostower Socimi, includes a diverse r
Real Estate Sector Pushes for Greater Tax Benefits on Home Loans and Rental Housing
The real estate sector urges the government to focus more on rental housing and increase tax benefits on home loans, during a pre-Budget consultation with the finance minister.