Union Finance Minister Nirmala Sitharaman discussed the development works of the government during her budget speech in Parliament on Thursday. He told that the government is working towards building 2 crore new houses under the PM Awas Yojana. The government has so far constructed 3 crore houses under this scheme. This scheme of the government has been made with the aim of providing houses to poor Indians. In this time's budget, the government has talked about providing houses to the middle class people also. Let us understand the meaning of his announcement.
Middle class will also get house
Presenting the interim budget for 2024, Nirmala Sitharaman has said that the government will launch a scheme to help the middle class living in rented houses or slums or unauthorized colonies to buy and build their own houses. This announcement is in line with the government's larger 'Housing for All' mission, which includes the ongoing Pradhan Mantri Awas Yojana-Urban and Pradhan Mantri Awas Yojana-Gramin or rural schemes.
Target to build 2 crore new houses
Sitharaman said that 3 crore houses have been built under the PMAY-Gramin scheme. He said another 2 crore houses would be built in the next five years to meet the housing demand arising from the increase in the number of families. With a focus on urban and affordable housing, the allocation for the Pradhan Mantri Awas Yojana in the Union Budget 2023 has been increased by 66% to Rs 79,000 crore for FY24.
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Of this, Rs 25,103 crore was allocated to PMAY-Urban to accelerate the 'Housing for All' mission, and the remaining was for PMAY-Rural scheme. That means Rs 25 thousand crore will be used to provide houses to the middle class people.
What is PM Awas Yojana?
Pradhan Mantri Awas Yojana is a scheme which has helped lakhs of people in building their own houses. People are getting benefits up to Rs 2.5 lakh through this scheme. Actually, the benefit of Pradhan Mantri Awas Yojana (PMAY) is available only to the poor, but now the poor and middle class of urban areas have also been brought under its ambit. There are many categories based on income and the loan amount is decided on the basis of those categories only. Initially the home loan amount under PMAY was Rs 3 to 6 lakh and subsidy was available on the same, but it has been increased to Rs 18 lakh.
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