Modi 3.0 begins with major housing initiative: Assistance for 3 crore new homes under PMAY
In a decisive move hours after taking office for a historic third consecutive term on June 10, Prime Minister Narendra Modi’s new Union Cabinet announced its first major policy decision: to provide assistance for the construction of an additional three crore rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This ambitious project aims to further the government’s mission of ‘Housing for All.’
Mr. 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. The increased focus on rural and urban housing will not only improve the living standards of millions but also create substantial employment opportunities, thereby contributing to the overall economic growth. We at NAREDCO Maharashtra are committed to supporting this endeavor and look forward to collaborating with the government to ensure the successful implementation of this ambitious project.”
Echoing this sentiment, Mr. Pritam Chivukula, Vice President of CREDAI-MCHI and Co-Founder & Director of Tridhaatu Realty, remarked, “The Union Cabinet’s first decision to provide assistance for the construction of three crore additional rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY) is a progressive step that aligns with our commitment to addressing the housing needs of our nation and bolstering infrastructure development. The emphasis on both rural and urban housing is particularly commendable, ensuring that the benefits of this initiative are widespread and inclusive. This decision will not only enhance the quality of life for countless families but also stimulate economic growth by fostering related industries. We at CREDAI-MCHI are eager to collaborate with the government to achieve these ambitious targets and contribute to the successful implementation of PMAY.”
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.
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.