While presenting the interim Budget for 2024-25 in Parliament on Thursday, Finance Minister Nirmala Sitharaman announced that her government will launch a scheme to help deserving sections of the middle class living in rented houses, or slums, or chawls and unauthorized colonies to buy or build their own houses.
Highlighting the achievement of PM Awas Yojana (Grameen), the Union Finance Minister said that despite the challenges due to COVID, implementation of the scheme continued and the government is close to achieving the target of three crore houses.
She said that two crore more houses will be taken up in the next five years to meet the requirement arising from an increase in the number of families.
PM Awas Yojana (Rural) is close to achieving the target of 3 crore houses.
In a teaser, Prime Minister Narendra Modi, in his Red Fort speech on August 15, 2023, asserted that his government was coming up with a new scheme in the coming years that will benefit those families that live in cities but are living in rented houses, or slums, or chawls and unauthorized colonies.
“The weaker sections who live in the cities face a lot of problems. Middle-class families are dreaming of buying their own houses. We are coming up with a new scheme in the coming years that will benefit those families that live in cities but are living in rented houses, or slums, or chawls and unauthorized colonies,” PM Modi had said.
“If they want to build their own houses, we will assist them with a relief in interest rates and loans from banks that will help them save lakhs of rupees,” PM Modi had said.
The Pradhan Mantri Awaas Yojana- Gramin (PMAY-G) is being implemented with effect from April 1, 2016, to assist eligible rural households.