The government will launch a housing scheme for middle class to buy or build their own houses, finance minister Nirmala Sitharaman said in her Budget 2024 speech on February 1.
“Our Government will launch a scheme to help deserving sections of the middle class ‘living in rented houses, or slums, or chawls and unauthorized colonies’ to buy or build their own houses,” the FM said in her interim budget speech.
On the Pradhan Mantri Awas Yojana (Rural), she said the government is close to achieving construction of 3 crore houses in India’s rural areas and the government will support construction of 2 crore more houses in the next five years under PMAY (Rural).
“Despite the challenges due to COVID, implementation of PM Awas Yojana (Grameen) continued and we are close to achieving the target of three crore houses. Two crore more houses will be taken up in the next five years to meet the requirement arising from increase in the number of families,” she said.
” ₹2 crore more housing units in the next five years under the PM Awas Yojana. New housing scheme for the middle class is expected for people living in rented/chawls/unauthorised areas on rent to build/buy their own house. These initiatives should significantly help in plugging the overall housing shortage faced by the country,” said Ravi Shankar Singh, Managing Director, Residential Transaction Services at Colliers India.
PMAY-G aims to provide a pucca house with basic amenities to all homeless households and those living in kutcha and dilapidated house in rural areas by 2024.