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    PMAY (urban) secures Rs.6,500 cr infusion

    Pradhan Mantri Awas Yojana
    The FM in his Budget proposals for the next fiscal, has allocated Rs.6,500 crore, an increase of 3 percent in the gross budgetary support given to urban housing ministry under the Pradhan Mantri Awas Yojana. A sum of Rs.41,765 crore has been allocated to the Housing and Urban Affairs ministry in Budget 2018, as against Rs.40,617 crore in 2017. This allocation will take care of the interest subsidy until 2022. Additional budgetary resources of Rs.25,000 crore are to be raised outside the general budget, thereby, making it as an effective enhancement of as much as 520% over the previous year. The government will be establishing Affordable Housing Fund which will be anchored in the National Housing Bank (NHB) and will generate the targeted funds from non-budgetary resources. In other words, in the march towards affordable housing for all Indians by 2022, it will not have any financial constraints or restricting bottlenecks, the Housing and Urban Affairs Minister said. The PMAY (U) covers 4,320 cities which includes 472 Class-1 cities. Around 37.45 lakh dwelling units in 7,474 projects with an investment of Rs.2,03 lakh-crore involving a Central assistance of Rs.57,681 crore have been accepted under PMAY in the last 31 months, claimed a source in the ministry.
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