Affordable Housing Gets Major Boost

As many as 80 lakh homes are expected to come up by 2023

Finance Minister Nirmala Sitharaman on February 1 announced the accomplishment of 80 lakh homes under the Pradhan Mantri Awas Yojana (PMAY) and allocation of Rs 48,000 crore under PMAY urban and rural.

These announcements are expected to help boost the affordable housing market. The center plans to work with the states to reduce the time required for land and construction-related approvals. The focus will also be on the modernization of building bye-laws and town planning schemes

Announcements such as 48,000 crores for PMAY, 80 lakh homes under PMAY, single-window environmental approvals, better coordination between the Centre and states for approval processes, and uniform registration of deeds will help boost the affordable housing market.

The Housing for All by 2022 initiative was launched by the Modi government within 5 months of the forward workplace. It’s all about making a certain home for each Indian by 2022. As per statistics created accessible by the Ministry of Housing and Urban. A total of 6,368 houses in Light House comes area unit being created involving a project price of Rs 790.57 crore, the ministry said.