PMAY awaits Rs.25,000 cr funds for 20-lac units

    Prime Minister Awas Yojna (PMAY)
    The Prime Minister Awas Yojna (PMAY) is all set to secure a whopping budgetary allocation worth Rs.25,000 crore, the likely increase of 12% as compared to the last fiscal. As a matter of fact, the ministry is hopeful that the Centre will allow it to take loan to the tune of the targeted amount to meet the stiff target of sanctioning 20 lakh housing units during 2018-19. High investment in housing for the poor and middle income groups in urban areas is also being seen as an avenue for pushing construction activities and creating employment. Job generation is one of the key challenges that government is facing before the next general election scheduled in early 2019. Official sources said since the launch of PMAY (urban), about 37 lakh houses have been sanctioned and 15 lakh of them have been grounded. To pay the installments of the interest subsidy of units already started and to release fresh installments of the 20 lakh houses, the government may have to allow to take 10-15 years loan from fund raising entities. There are indications that the budgetary allocation for PMAY may increase close to Rs.6,700 crore against Rs.6,057 crore in 2017-18. According to rough estimates the housing ministry will need at least Rs.1 lakh crore in the next two-three years for meeting its target to provide assistance to the poor under the PMAY.
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