AatmaNirbhar Package 3.0 - PMAY Stimulus
On November 12, 2020, the finance minister Nirmala Sitharaman under the AatmaNirbhar Bharat 3.0 stimulus package stated that the government has taken multiple measures in the last several months for the revival of the Real Estate and Housing Sector. These measures have strengthened the recovery of the sector. She gave the example of the SWAMIH fund where 135 projects got approved with a capital outlay of Rs. 13,200 Crores, which will result in the completion of 87,000 stuck flats/Houses.
She further stated that there is a need for additional measures to enable the sector to generate more employment. To achieve this goal, she announced the increase in the total outlay for the PMAY Urban scheme by Rs 18,000 crores. This budgetary allocation is over and above the Rs. 8,000 crores already allocated to the scheme. The increased budget will help 18 lakh houses to be completed and 12 lakh houses to be grounded. It is estimated to create an additional 78 lakh jobs and improve the production and sale of steel by 25 LMT and cement by 131 LMT, resulting in a multiplier effect on the economy.
The Pradhan Mantri Awas Yojana-Urban (PMAY-U) was launched on June 25, 2015 with the aim of bridging the housing deficit in urban India. In the face of rising property prices, the scheme envisages providing homes to the lower and mid-income groups in urban areas. The PMAY-U subsumes all the previous urban housing schemes and aims to address the urban housing shortage of 20 million by 2022. So far, 4,427 cities/towns have been included under the PMAY-U.