Union Budget 2024: Sitharaman announces PM-Awas Yojana Urban 2.0 to improve housing access for all

Union Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday announced PM Awas Yojana-Urban 2.0 to provide housing for all.

"Urban Housing: Under the PM Awas Yojana-Urban 2.0, the housing needs of 1 crore poor and middle-class families will be addressed with an investment of Rs 10 lakh crores. This will include the central assistance of Rs 2.2 lakh crores in the next five years..." the finance minister said.

The plan includes several significant measures, including a greater emphasis on affordable housing for the poor and middle class, a Rs 2.2 lakh crore allocation for urban housing initiatives under PMAY-U over the next five years, continued interest subsidies under PMAY-U, and a call for states to lower stamp duty for women homeowners.

The finance minister also stated in Parliament that the government will fund the development of dormitory-style rental accommodation for industrial workers using a public-private partnership (PPP) model.

The Interim Budget released in February allotted Rs 80,671 crore for PMAY, up from Rs 54,103 crore in prior estimates. The growth has been crucial for alleviating the housing deficit in both urban and rural areas, allowing for the building of 4.21 crore units over the last decade.