In a landmark decision right after taking office for his third consecutive term, Prime Minister Narendra Modi's Union Cabinet approved assistance for constructing three crore rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This initiative aligns with the government's 'Housing for All' mission. Prashant Sharma, President of NAREDCO Maharashtra, and Pritam Chivukula, Vice President of CREDAI-MCHI, praised the decision, highlighting its potential to improve living standards, boost the real estate sector, and create substantial employment opportunities. Since its inception in 2015-16, PMAY has facilitated the completion of over 4.21 crore houses, demonstrating the government's commitment to housing infrastructure and economic growth.
In a significant move right after taking office for his third consecutive term on June 10, Prime Minister Narendra Modi's new Union Cabinet announced its first major policy decision: providing assistance for the construction of three crore rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This ambitious project is a step forward in the government's mission of 'Housing for All.'
Mr. 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 endeavour and look forward to collaborating with the government to ensure the successful implementation of this ambitious project.”
Echoing this sentiment, Mr. Pritam Chivukula, Vice President of CREDAI-MCHI and Co-Founder & Director of Tridhaatu Realty, remarked, “The Union Cabinet's first decision to provide assistance for the construction of three crore additional rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY) is a progressive step that aligns with our commitment to addressing the housing needs of our nation and bolstering infrastructure development. The emphasis on both rural and urban housing is particularly commendable, ensuring that the benefits of this initiative are widespread and inclusive. This decision will not only enhance the quality of life for countless families but also stimulate economic growth by fostering related industries. We at CREDAI-MCHI are eager to collaborate with the government to achieve these ambitious targets and contribute to the successful implementation of PMAY.”
Since its inception in 2015-16, 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. The government reports that over the past decade, approximately 4.21 crore houses have been completed under this scheme. This demonstrates the government's commitment to improving housing infrastructure and living standards across the country.
The Modi 3.0 administration's renewed focus on 'Housing for All' highlights a continued dedication to inclusive growth and development. This initiative aims to make a tangible difference in the lives of millions of Indians by improving housing conditions and boosting economic activity in related sectors. As the government works towards these ambitious goals, the collaboration between public and private sectors will be crucial to ensure the successful implementation of PMAY and the overall enhancement of the real estate landscape in India.
With the announcement of the three crore additional houses, the government reinforces its commitment to addressing the housing shortage and providing safe, affordable homes to all. This decision is expected to have a far-reaching impact, improving the quality of life for many and supporting the broader goal of economic development and social welfare.
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