MUMBAI: The Union Cabinet’s approval of the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 has been met with widespread acclaim from the real estate sector in Mumbai, signalling a significant stride towards achieving comprehensive housing for all in India.
This enhanced iteration of the scheme is designed to provide financial assistance to an estimated one crore urban poor and middle-class families over the next five years, facilitating their ability to construct, purchase, or rent homes at affordable rates. With a total investment of INR 10 lakh crore, including a government contribution of INR 2.30 lakh crore, PMAY-U 2.0 aims to dramatically uplift the quality of life for millions of Indians. The scheme builds on the achievements of its predecessor, which has already approved 1.18 crore houses and delivered over 85.5 lakh homes to beneficiaries throughout urban India.
The renewed focus of PMAY-U 2.0 includes targeted support for marginalized groups such as slum dwellers, SC/ST communities, minorities, widows, persons with disabilities, and other disadvantaged sectors. Additionally, specific attention will be given to safai karmacharis, street vendors, artisans, anganwadi workers, and residents of slums and chawls.
A Spokesperson of NAREDCO Maharashtra, commended the initiative, stating, “This approval represents a monumental advancement in addressing the housing needs of our urban population, especially for the economically weaker sections and middle-class families. The ambitious target of assisting one crore families and the substantial investment of INR 10 lakh crore reflect the government’s steadfast dedication to ensuring housing for all. This decision not only promises to elevate living standards for millions but also acts as a catalyst for the real estate sector, fostering job creation and economic stability.”
Echoing similar sentiments, spokespersons from CREDAI-MCHI and Tridhaatu Realty praised the scheme’s potential to reshape the urban housing landscape. They highlighted that the comprehensive financial support of INR 2.30 lakh crore underscores a robust commitment to alleviating the housing deficit and improving living conditions across urban areas.
A representative from The Mentors Real Estate Advisory Pvt Ltd noted, “The initiative’s goal of providing financial aid to one crore households showcases the government’s dedication to affordable housing. This focus on affordability is expected to stimulate demand within the real estate sector, encouraging innovative housing solutions and fostering collaborative efforts between the public and private sectors.”
