Budget 2024: FM Nirmala Sitharaman announces Rs 2.2 lakh crore boost for urban housing

The Modi 3.0 government on JUly 23 announced a Rs 2.2 lakh crore boost for urban housing. Union Finance Minister Nirmala Sitharaman announced that housing needs of 1 crore urban poor and middle class families will be addressed with investment of Rs 10 lakh crore in her Budget speech.

The government also plans to expand the Pradhan Mantri Awas Yojana (PMAY) by making provision for 3 crore more houses under the scheme. FM Sitharaman made the announcement while presenting the Union Budget 2024 on July 23. 

Launched in June 2015, the scheme aims to provide pucca houses with basic amenities to all eligible urban beneficiaries. Finance Minister Nirmala Sitharaman highlighted this expansion in her Union Budget speech on July 23.

In the Interim Budget tabled in February, Rs 80,671 crore was allocated for PMAY, revised from Rs 54,103 crore in the previous estimates. The expansion is crucial for addressing the housing shortage across urban and rural areas, facilitating the completion of 4.21 crore houses in the last 10 years.

Experts like Sunil Sisodiya, founder of Geetanjali Homestate, emphasised the importance of this initiative in rejuvenating the affordable housing sector, pivotal for sustainable urban development in India.

(This is a developing story, follow for more updates)