Pradhan Mantri Awas Yojana – Urban 2.0: Transforming Housing in Urban India
The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0), a significant initiative aimed at addressing the housing needs of urban poor and middle-class families. This flagship program will provide financial assistance for the construction, purchase, or rental of affordable homes in urban areas over the next five years, beginning September 1, 2024.
Under PMAY-U 2.0, the government plans to assist one crore eligible families through a collaborative effort with states, union territories, and public lending institutions (PLIs). Beneficiaries will receive up to ₹2.50 lakh per housing unit, helping them secure all-weather pucca houses that ensure better living conditions and security.
The program represents an investment of ₹10 lakh crore and is designed to enhance the quality of life for urban families. This substantial financial commitment reflects the government’s vision of inclusive development, ensuring access to affordable housing for all eligible citizens.
PMAY-U 2.0 builds on the lessons of the original PMAY-U scheme, incorporating insights from global best practices, benchmarks, and extensive consultations with stakeholders, including states, union territories, banks, housing finance companies, and private sector players. This collaborative approach underscores the government’s commitment to delivering housing solutions that are efficient, inclusive, and sustainable.
With PMAY-U 2.0, the government aims to make significant strides toward realizing its vision of “Housing for All,” addressing urban housing challenges, and improving living standards across India.
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