Finance Minister Nirmala Sitharaman announced during the Budget 2024 speech that the central government is set to launch a housing scheme aimed at assisting individuals in rented homes, slums, and unauthorized colonies to purchase or construct their own houses. The initiative is designed to benefit deserving sections of the middle class facing housing challenges in such conditions. Sitharaman highlighted the government’s commitment to addressing housing needs and promoting homeownership among the middle class.
In addition to the new housing scheme, the Finance Minister mentioned that under the Pradhan Mantri Awas Yojana (PMAY)-Rural scheme, 3 crore houses have already been constructed, and an additional 2 crore houses will be taken up over the next five years. Despite the challenges posed by the COVID-19 pandemic, the implementation of the PM Awas Yojana Rural continued, bringing the government closer to achieving its target. These announcements align with Prime Minister Narendra Modi’s ambitious Housing For All initiative.
Industry experts, including Kaushik Mehta, Founder & CEO of RUloans Distribution Services, and Ravi Subramanian, MD & CEO of Shriram Housing Finance, welcomed the proactive move, stating that it not only fulfills long-standing housing needs but also energizes the housing loan segment, propelling real estate growth. The focus on middle-class housing and increased allocation to PM Aavaz Gramin are expected to boost the housing sector, home loan market, and overall economic vitality.
Post Your Comments