The ability of the urban housing construction sector to generate employment is also a reason behind the decision to extend the scheme. On the other hand, many housing companies are saddled with a huge inventory of houses and few takers.
The union cabinet has approved continuation of the Pradhan Mantri Awas Yojana-Urban (PMAY-U) – Housing for All Mission up to 31 December 2024.
Financial assistance is being provided for the completion of over 122 lakh houses till 31st March 2022. These housing projects had been sanctioned earlier. The scheme is one of the major flagship programmes being implemented by the union government to provide all-weather pucca houses to all eligible beneficiaries in urban areas of the country through states, union territories, and central nodal agencies.
The continuation of the scheme is based on requests received by the union government States and union territories for its continuation until 31 December 2024. It is felt that this will help in completion of already sanctioned houses under the beneficiary led construction facet of the scheme. Besides, it will also help in achieving wider coverage of the schemes on affordable housing in partnerships, and the in-situ slum redevelopment verticals.
Central assistance approved since 2015 on the scheme is Rs 2.03000 crores against 20 thousand crore rupees in 2004-2014.
The ability of the urban housing construction sector to generate employment is also a reason behind the decision to extend the scheme. On the other hand, many housing companies are saddled with a huge inventory of houses and few takers.
