Union Finance Minister Nirmala Sitharaman on Thursday (14 May) announced the centre will launch a scheme under the Pradhan Mantri Awas Yojana (PMAY) for migrant labour and the urban poor to build affordable rental housing facilities for them.
Speaking to the media, she said that under the scheme, government-funded housing in different cities will be converted into affordable rental housing complexes under the public-private partnership mode.
Further, the government will also incentivise manufacturing units, industries, institutions, associations to develop affordable rental housing complexes on their private land and operate them.
The Centre will also incentivise state agencies and central government organisations on the similar lines to develop affordable rental housing complexes and operate them.
The government will issue detailed guidelines to give effect to the decision, Sitharaman said.
The announcement is part of the Rs 20 lakh crore economic package announced by Prime Minister Narendra Modi on Tuesday.
(With inputs from IANS)
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