During her Budget 2024 speech, Finance Minister Nirmala Sitharaman announced significant initiatives aimed at addressing housing challenges in India. The government plans to support the construction of 2 crore additional houses over the next five years under the Pradhan Mantri Awas Yojana (Rural). Sitharaman also unveiled a new housing scheme designed to assist the middle class in purchasing or building their own homes.
In her interim budget speech, Sitharaman emphasized the government’s commitment to launching a scheme specifically targeting deserving sections of the middle class, including those residing in rented houses, slums, chawls, and unauthorized colonies. This initiative aims to enable individuals from these segments to fulfill their aspirations of homeownership.
Regarding the Pradhan Mantri Awas Yojana (Rural), Sitharaman highlighted the government’s progress in nearing the construction target of 3 crore houses in rural areas. Despite the challenges posed by COVID-19, the implementation of PM Awas Yojana (Grameen) continued successfully. The government plans to undertake the construction of an additional 2 crore houses over the next five years to accommodate the growing number of families.
Real estate experts, including Ravi Shankar Singh, Managing Director at Colliers India, welcomed the budget announcement. Singh expressed optimism about the impact of the proposed initiatives on addressing the country’s housing shortage, particularly the plan to construct 2 crore housing units under the PM Awas Yojana and the introduction of a new housing scheme for the middle class.
