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Mumbai: Real estate experts welcome PM Modi 3.0's major housing initiative under PMAY

This ambitious project aims to further the government's mission of 'Housing for All.'

Mumbai: Real estate experts welcome PM Modi 3.0's major housing initiative under PMAY
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In a decisive move hours after taking office for a historic third consecutive term on June 10, Prime Minister Narendra Modi's new Union Cabinet announced its first major policy decision: to provide assistance for the construction of an additional three crore rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This ambitious project aims to further the government's mission of 'Housing for All.'

Prashant Sharma, President of NAREDCO Maharashtra, expressed strong support for this initiative. He stated, “We welcome the Cabinet’s decision to provide assistance for the construction of three crore additional rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This initiative is a significant step towards achieving the vision of 'Housing for All' and will undoubtedly bolster the real estate sector, particularly in the affordable housing segment. The increased focus on rural and urban housing will not only improve the living standards of millions but also create substantial employment opportunities, thereby contributing to the overall economic growth. We at NAREDCO Maharashtra are committed to supporting this endeavor and look forward to collaborating with the government to ensure the successful implementation of this ambitious project.”

Since 2015-16, under Prime Minister Modi’s leadership, the Pradhan Mantri Awas Yojana has been instrumental in providing assistance to eligible rural and urban households for the construction of houses with basic amenities. According to the Government, over the past decade, approximately 4.21 crore houses have been completed under this scheme, demonstrating the government's commitment to improving housing infrastructure and living standards across the country.

Rajat Likhyani , Principal Partner at Square Yards reiterated, "PMAY has been a crucial initiative in addressing the housing shortage across both urban and rural areas. The scheme offers essential credit-linked subsidies, helping eligible families to achieve homeownership and access basic amenities significantly improving their living conditions. In the last 10 years, the scheme has facilitated the completion of 4.21 crore homes. The Government of India’s recent decision to build an additional 3 crore rural and urban houses is a positive move, further promoting homeownership among economically weaker sections and low-income groups."

Ravi Shankar Singh, Managing Director, Residential Transaction Services, Colliers India added: "The announcement of 3 crore additional housing units is a very welcoming initiative. The govt is driving the PM Awas Yojana in the right direction by addressing the housing needs of rural India and at the same time creating employment opportunities in these regions."

As the Modi 3.0 administration embarks on this renewed journey, the focus on 'Housing for All' underscores a continued dedication to inclusive growth and development, aiming to make a tangible difference in the lives of millions of Indians.

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