Budget 2024: Two Crore More Houses Under PM Gramin Awas Yojana, New Housing Scheme For Middle Class

Giving a huge boost to affordable housing, the Union Budget presented on 1 February has announced that two crore more houses will be built under the Pradhan Mantri Gramin Awas Yojana (PMAY-G).

"Despite the challenges, the implementation continued and we are close to achieving the target of three crore houses and two crore more houses will be taken up in the next five years," Union Finance Minister Nirmala Sitharaman said while presenting the Interim Budget in the Lok Sabha.

The scheme was launched in April 2016 with a goal of building 2.95 crore houses for the rural poor by March 2022, with the target figure derived from the Socio-Economic Caste Survey 2011.

However, due to the COVID pandemic, the deadline was extended to March 2024. According to the latest figures from the Union Ministry of Rural Development, 20.6 million houses had been completed by November 2022

In her Budget speech, the Union Finance Minister also announced a new housing scheme for middle class.

"Our government will launch a scheme to help deserving sections of the middle class, living in rented houses or slums, or chawls and unauthorised colonies, to buy or build their own houses."