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The government said on Tuesday that a universal affordable housing scheme will give a big boost to the construction industry as 1.2 crore dwellings will be built in three years under PMAY's urban component and another 1.02 crore units under its rural component by March 2019.
"The universal affordable housing for all will give a big boost to the construction industry," Finance Secretary Ashok Lavasa told the media in the presence of Finance Minister Arun Jaitley after a Union Cabinet meeting here.
Lavasa said 1.2 crore units under the Pradhan Mantri Awas Yojana or PMAY (Urban) would entail an expenditure of Rs 1,85,069 crore in three years.
He said under PMAY (Gramin) 1.02 crore units would be built at a cost of Rs 1,26,795 crore by the Centre and states by March 2019. Lavasa said 51 lakh units will be built this year.
The government last month announced a new PPP (Private Public Partnership) Policy for Affordable Housing that allows extending central assistance of up to Rs 2.50 lakh per house to be built by private builders even on private land, besides opening up immense potential for private investments in affordable housing projects on government land in urban areas.
The government had launched "Housing for All" in rural areas in November 2016 under which the government proposes to provide an environment friendly and secure house to every rural household by 2022.
The government had in June 2015 given its approval for "Housing for All by 2022" for urban areas which provided for rehabilitation of slum dwellers, promotion of affordable housing for weaker sections through credit-linked subsidy and subsidy for beneficiary-led individual house construction or enhancement.