Budget 2024: 2 Crore More Houses For Middle Class Under Pradhan Mantri Awas Yojana In Next 5 Years

Interim Budget 2024: In her 58-minute budget speech today, India¡¯s Finance Minister Nirmala Sitharaman shared plans for a new housing scheme aimed at benefiting the middle class. In her last budget speech before the Lok Sabha elections, she highlighted schemes to support slum dwellers and individuals living in rented accommodations. This initiative reflects the government's commitment to addressing housing needs across various segments of the population.

The government is set to introduce a housing plan for people residing in rented homes, as well as those in slums or unauthorized colonies, allowing them to purchase or construct their own houses. This initiative was disclosed by Finance Minister Nirmala Sitharaman in the interim Union Budget for 2024-25, aligning with the broader 'Housing for All' mission.

The announcement on Thursday is part of the government's commitment to addressing housing needs, which includes the ongoing Pradhan Mantri Awas Yojana-Urban and the Pradhan Mantri Awas Yojana-Rural or Grameen schemes.

Finance Minister Nirmala Sitharaman | Photo: BCCL

Sitharaman highlighted the success of the PMAY-Rural scheme, which has already seen the construction of 3 crore houses. Looking ahead, an additional 2 crore houses will be undertaken in the next five years to accommodate the growing demand due to the rise in the number of families.

"Despite the challenges due to COVID-19, the implementation of the Pradhan Mantri Awas Yojana (Gramin) continued, and we are close to achieving the target of three crore houses," Sitharaman said.

"Two crore more houses will be taken up in the next five years to meet the requirement arising from the increase in the number of families," she said in her pre-election budget.

The Finance Minister announced a fresh housing plan specifically for the middle class. The government aims to introduce a scheme to assist deserving middle-class individuals in purchasing or constructing their own homes. Additionally, initiatives will be rolled out to support those living in slums and renting homes, empowering them to become homeowners, as mentioned by Sitharaman.