India Real Estate Latest Trends | Overview | Growth | Investments

February 9, 2023
PM Awas Yojana Outlay Increased By 66% To ₹ 79,000 Crore

The Union Budget 2023 gives a higher boost to affordable housing. It will witness an increase in the allocation for the PM Awas Yojana (PMAY) by 66%. The announcement brings the attention of the people to recent announcements made by Finance Minister Nirmala Sitaraman to create Urban Infrastructure in tier 2 & tier 3 cities. PMAY allocates over 79,000 cr for the same as against last year’s price of Rs. 48,000 crores.

PM Awas Yojana was launched in 2015 to provide affordable housing to citizens and it provides help to the middle-income community, low-income groups (LIG), and economically disadvantaged groups (EWS). The credit-linked subsidy theme also gives beneficiaries an interest subsidy to avail of loans to purchase a house or build the same.

Urban Infrastructure Development was managed by the National Housing Bank and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities. Also, the fact of numbers here states that the center will spend Rs. 10, 0000 cr. per year for the fund. Thus, the funds will be established keeping in check the priority sector lending shortfall.

Ms. Sitaraman said that property tax governance reforms will be ensured by keeping in check ring-fencing user charges on urban infrastructure.” Hence this will improve the credit worth of municipal bodies by bringing incentivization in the cities. At the same time, cities/ towns will provide scientific management of dry and wet waste.

In the cities/ towns, the focus will remain on 100% mechanical desludging of sewers and septic tanks making a transition from manhole to machine-hole mode. In the budget speech, the finance minister said, “State and cities will be encouraged to undertake urban planning actions/ reforms- transform cities into “Sustainable cities of tomorrow.” Therefore, efficient use of land resources, urban infrastructure, transit-oriented development, and enhanced availability and affordability of urban land.

Dr. Niranjan Hiranandani, says that “Incremental PMAY allocation up to Rs.79,000 cr. will give impetus to affordable housing and benefit a wide segment of the homebuyer.

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