The Union Cabinet has authorised the extension of the major urban housing scheme, the Pradhan Mantri Awas Yojana (Urban), till December 31, 2024. The original deadline for the scheme was March 2022, which was introduced in 2015 with the goal of providing affordable homes with incentives.
It was established with the purpose of providing affordable homes for all by the year 2022. Since 2015, the total amount of central assistance sanctioned has been Rs 2.03 trillion to be completed within the deadline.
How Is The Scheme Scheduled To Be Completed By 2022?
According to sources, Rs 1.18 trillion in central assistance or subsidies has already been released up to March 31, 2022, with another Rs 85,406 crore set to be released by December 31, 2024.
The scheme’s extension through December 31, 2024, depending on state and union territory requests, will aid in the construction of already built residences.
The issue of delivering housing to all eligible urban people in saturation mode was brought to light by the Modi government, and the PMAY-Urban plan was conceptualised.
The original forecast for 2017 was for 100 lakhs houses. According to the statement, 102 lakh apartments have been built or are being built in response to this demand.
What Are The Stats Of PMAY Sanctioned Homes?
Furthermore, 62 lakh homes have been completed. According to the government’s statement, out of the total 123 lakh homes sanctioned, 40 lakh proposals were received late (during the last two years of the scheme) from states and UTs, requiring an additional two years to complete.
As a result of the petitions from the states and UTs, the Union Cabinet decided to prolong the implementation period of PMAY-U until December 31, 2024, according to the statement.
It said that central help granted since 2015 is Rs 2.03 lakh crore, compared to Rs 20,000 crore in 2004-2014, it said, adding that central help of Rs 1,18,020.46 crore has already been released through to March 31, 2022, and Rs 85,406 crore would be released through to December 31, 2024.
What To Expect From The Extension?
The extension of the scheme until December 31, 2024 will aid in the completion of previously sanctioned houses in the BLC, AHP, and ISSR verticals.
Beneficiary Led Construction (BLC), Affordable Housing in Partnership (AHP), In-situ Slum Redevelopment (ISSR), and Credit Linked Subsidy Scheme are the four verticals via which the scheme is being implemented (CLSS).
According to the statement, while the central government offers financial help, states and UTs implement the scheme, including beneficiary selection.