Budget 2024: Finance Minister Nirmala Sitharaman promises 2 crore new homes under housing scheme

Finance Minister Nirmala Sitharaman, in the interim Union Budget for 2024-25, announced the government's plan to launch a housing scheme. This scheme will aid those living in slums, unauthorized colonies, or rented homes in purchasing or constructing their own houses.

The announcement aligns with the government’s larger 'Housing for All' mission, encompassing ongoing schemes like Pradhan Mantri Awas Yojana-Urban and Pradhan Mantri Awas Yojana-Rural.

Sitharaman reported that 30 million houses have been constructed under the PMAY-Rural scheme, with plans for another 20 million houses over the next five years to accommodate the growing number of families.

The Union Budget 2023 increased the allocation for the Pradhan Mantri Awas Yojana scheme by 66 per cent to Rs 79,000 crore for FY24, with Rs 25,103 crore allocated to PMAY-Urban to expedite the 'Housing for All' mission and the remainder for the PMAY-Rural scheme.

Also read: Cabinet nods marketing margin for domestic gas supply to fertilizer units in India