The Union Finance Minister Nirmala Sitharaman announced a Rs 2.2 lakh crore boost for urban housing. She announced that housing needs of 1 crore urban poor and middle-class families will be addressed with investment of Rs 10 lakh crore in her Budget speech.
The government also plans to expand the Pradhan Mantri Awas Yojana (PMAY) by making provision for 3 crores more houses under the scheme. FM Sitharaman made the announcement while presenting the Union Budget 2024 on July 23.
Launched in June 2015, the scheme aims to provide pucca houses with basic amenities to all eligible urban beneficiaries. Finance Minister Nirmala Sitharaman highlighted this expansion in her Union Budget speech on July 23.
In the Interim Budget tabled in February, Rs 80,671 crore was allocated for PMAY, revised from Rs 54,103 crore in the previous estimates. The expansion is crucial for addressing the housing shortage across urban and rural areas, facilitating the completion of 4.21 crore houses in the last 10 years.
She also addressed the need for moderating stamp duty rates and promoting urban development.
"We will encourage states that continue to charge high stamp duty to moderate rates for all. We will also consider further lowering duties for properties purchased by women," said Sitharaman. She emphasised that these measures will become an essential component of urban development schemes.
The Interim Budget 2024 presented in February had provided a significant boost to housing for the middle-income group by proposing a new scheme to assist deserving individuals living in rented houses, chawls, slums, and unauthorized colonies in purchasing or building their own homes. Sitharaman also announced support for the construction of an additional 2 crore houses over the next five years under the Prime Minister Awas Yojana - Gramin (PMAY Rural).
