The Housing and Urban Affairs Ministry has sought a nearly three-fold increase in allocation of funds in the Budget this year for its Pradhan Mantri Awas Yojana (Urban), an official source said.
The central government aims to construct 12 million houses for the urban poor under the Narendra Modi government's flagship scheme. So far, the construction of 3.75 million houses have been approved under the scheme.
"The Housing and Urban Affairs Ministry has sought over three-fold hike in the allocation of funds for PMAY (U). The ministry had proposed Rs 20,000 crore for the financing of the scheme," the source said.
In the Budget 2017-18, the scheme was allocated Rs 62 billion. "Talks were on at the highest level and the ministry is expected to be allocated around Rs 170 billion," he said.
Keeping in view that the programme has to be completed by 2022, the ministry has laid special emphasis on its funding in the Budget proposal, the source said.
The ministry is adopting a multi-pronged strategy to give momentum to the scheme, a housing ministry official said. The official said the focus is on adopting technology that offers "affordable, sustainable houses and scalability".
The ministry will launch the Global Housing Construction Technology Challenge (GHCTC) in March to attract the best practices in the construction sector, the official said.
The technology selected will be deployed to construct affordable houses across India.
Under PMAY (U), people can avail benefits under various components to buy a house in urban areas.
The central government aims to construct 12 million houses for the urban poor under the Narendra Modi government's flagship scheme. So far, the construction of 3.75 million houses have been approved under the scheme.
"The Housing and Urban Affairs Ministry has sought over three-fold hike in the allocation of funds for PMAY (U). The ministry had proposed Rs 20,000 crore for the financing of the scheme," the source said.
In the Budget 2017-18, the scheme was allocated Rs 62 billion. "Talks were on at the highest level and the ministry is expected to be allocated around Rs 170 billion," he said.
Keeping in view that the programme has to be completed by 2022, the ministry has laid special emphasis on its funding in the Budget proposal, the source said.
The ministry is adopting a multi-pronged strategy to give momentum to the scheme, a housing ministry official said. The official said the focus is on adopting technology that offers "affordable, sustainable houses and scalability".
The ministry will launch the Global Housing Construction Technology Challenge (GHCTC) in March to attract the best practices in the construction sector, the official said.
The technology selected will be deployed to construct affordable houses across India.
Under PMAY (U), people can avail benefits under various components to buy a house in urban areas.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%