Union Cabinet Approves Extension of PMAY-Urban Up To Dec 31, 2024

11 Aug 2022 , 10:41 AM

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today has approved the proposal of Ministry of Housing and Urban Affairs (MoHUA) for continuation of Pradhan Mantri Awas Yojana-Urban (PMAY-U) up to 31stDecember 2024 wherein financial assistance is to be provided for the completion of already sanctioned 122.69 lakh houses till 31stMarch 2022. The original forecast for 2017 was 100 lakh houses. According to the statement, 102 lakh houses have been built or are being built in response to this demand. Furthermore, 62 lakh houses have been completed. The proposals for 40 lakh houses were received late (during the last two years of the scheme) from the states/UTs, requiring another two years to complete, the government said in a statement. It stated that central assistance approved since 2015 is Rs. 2.03 lakh crore (US$ 25.61 billion), compared to Rs. 20,000 crore (US$ 2.52 billion) in 2004-2014, and that central assistance/subsidy of Rs. 118,020.46 crore (US$ 14.89 billion) has already been released up to March 31, 2022, and Rs. 85,406 crore (US$ 10.77 billion) will be released until December 31, 2024. Powered by Capital Market – Live News