The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the
Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0. This ambitious scheme aims to construct 1 crore houses for urban poor and middle-class families over the next five years. This ambitious scheme involves a substantial investment of ₹10 lakh crore, with a government subsidy of ₹2.30 lakh crore to ensure affordable housing.
PMAY-U 2.0 is an extension of the government’s flagship program, designed to provide all-weather pucca houses to eligible urban families. As of now, 1.18 crore houses have been sanctioned, and over 85.5 lakh have been completed and handed over to beneficiaries. This new phase will continue to focus on enhancing housing accessibility and quality of life for citizens.
In line with Prime Minister Modi’s vision, outlined in his Independence Day speech in 2023, PMAY-U 2.0 will expand housing benefits to an additional 3 crore rural and urban households. The Credit Risk Guarantee Fund has also been bolstered, increasing its corpus from ₹1,000 crore to ₹3,000 crore, to support affordable housing loans for economically weaker sections (EWS) and low-income
groups (LIG).
