Finance Minister Nirmala Sitharaman announced her government will start a program to assist deserving members of the middle class who live in chawls, slums, rented homes, or unapproved colonies in purchasing or building their own homes on Thursday while presenting the interim Budget for 2024–25 in Parliament. The Union Finance Minister highlighted the success of the PM Awas Yojana (Grameen), stating that the government is getting close to achieving the goal of three crore houses despite the difficulties caused by COVID-19.
She said that two crore more houses will be taken up in the next five years to meet the requirement arising from an increase in the number of families.
The 3 crore house goal of the PM Awas Yojana (Rural) is almost reached. In a preview, Prime Minister Narendra Modi announced in his Red Fort speech on August 15, 2023, that his government will unveil a new programme in the upcoming years to help urban families living in chawls, slums, rented homes, and unapproved colonies.
“The weaker sections who live in the cities face a lot of problems. Middle-class families are dreaming of buying their own houses. We are coming up with a new scheme in the coming years that will benefit those families that live in cities but are living in rented houses, or slums, or chawls and unauthorized colonies,” PM Modi had said.
“If they want to build their own houses, we will assist them with a relief in interest rates and loans from banks that will help them save lakhs of rupees,” PM Modi had said.
The Pradhan Mantri Awaas Yojana- Gramin (PMAY-G) is being implemented with effect from April 1, 2016, to assist eligible rural households.
