Business Business: The Union Cabinet chaired by Prime Minister Narendra Modi on Friday approved the proposal of the Ministry of Rural Development to build 200 million additional housing units under the Pradhan Mantri Awas Yojana (Rural). The Cabinet has approved the implementation of Pradhan Mantri Awas Yojana (Rural) from 2024-25 to 2028-29. At the same time, the Cabinet also approved Pradhan Mantri Awas Yojana (Urban) 2.0. According to this, one billion poor and middle class families in urban areas should be assisted to buy or build houses.
According to the statement, arrangements have been made for the construction of more than 200 crore houses with an available subsidy of Rs 1.2 lakh per unit in the plains and Rs 1.3 lakh in the hilly areas of the northeastern states and Himachal Pradesh, Uttarakhand, Union Territories of Jammu and Kashmir and Ladakh Islands. The Cabinet agreed to continue this arrangement from April 2024 to March 2029.
A total expenditure of Rs 3,061.37 billion is planned for 2028-29. This includes a central share of Rs 205,856 crore and a state contribution of Rs 100,281 crore. He said that the houses lying incomplete in the pre-PMAY-G phase till March 31 this year will also be completed in the financial year 2024-25 at the current pace. The statement said that about 10 billion people are expected to benefit from the proposed 2 billion housing units.
The government also announced a benefit subsidy scheme. This arrangement will benefit the middle class people. Suppose a person takes a loan of Rs 25 lakh for a house worth Rs 35 lakh, then he will have to pay only 4% interest on the first loan of Rs 800,000. You can get a grant of up to 180,000 yen.
