PMAY-U-2 and PMAY-G

On 9th August, 2024, the Union Cabinet approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U)-2 on Friday, aiming to build 1 crore houses for the urban poor and middle-class families over the next five years, with an investment of Rs. 10 lakh crore.

Key Points

Scheme Details: PMAY-U-2 will provide financial assistance to 1 crore urban families for constructing, purchasing, or renting affordable housing, with government support amounting to Rs. 2.30 lakh crore.
Investment and Impact: The initiative, with a total investment of Rs. 10 lakh crore, seeks to improve the quality of life for one crore families by addressing their housing needs.
Previous Achievements: Under the existing PMAY-U scheme, 1.18 crore houses have been sanctioned, with over 85.5 lakh houses constructed and delivered.
PMAY-G Extension: The Cabinet also approved extending the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) to FY 2024-25 through 2028-29, aiming to construct two crore additional houses with financial assistance of Rs. 1.20 lakh for plain areas and Rs.1.30 lakh for the North Eastern and Hill States.
Completion Targets: The extension will help complete the remaining 35 lakh houses from the previous phase, achieving a total of 2.95 crore houses. The new phase is expected to benefit nearly 10 crore individuals.