PMAY-Urban 2.0 Allocation

1. Amount: Rs 3,500 crore for FY26, a significant increase from Rs 1,500 crore allocated in FY25.
2. Objective: PMAY-U 2.0 aims to provide 1 crore houses to low- to middle-income families over the next five years. This initiative is meant to tackle the shortage of affordable housing in urban areas.
    

Pradhan Mantri Awas Yojana - Urban (PMAY-U) Overview
 

1. Launch Date: June 25, 2015
2. Initiative By: Launched by the Prime Minister of India.
3. Under : the Ministry of Housing and Urban Affairs
4. Objective: To meet the urban housing shortage by providing pucca (permanent) houses to economically weaker sections (EWS), lower income groups (LIG), and middle-income groups (MIG), including people living in slums.
5. Coverage: Urban areas as defined by the Census 2011 (towns, cities, and planning areas).
6. Deadline: The goal was to ensure housing for all by 2022, though the program has been extended.
    

Context & Need for PMAY-U
 

1. Urban Growth: Cities are growing rapidly, increasing the demand for housing.
2. Affordable Housing: Housing needs vary across income groups, with a significant focus on the EWS, LIG, and MIG groups.
3. Housing Demand: The expansion of new cities and urbanization is leading to a growing need for affordable homes.
    

Key Announcements
 

1. Independence Day 2023: PM announced a new scheme to provide housing to weaker and middle-class sections.
2. Cabinet Decision June 2024: The government approved housing assistance for 3 crore more rural and urban households.
3. Budget 2024: The Finance Minister announced PMAY-U 2.0 to address housing needs for 1 crore urban poor and middle-class families.
    

Launch of PMAY-U 2.0
 

1. Goal: To assist 1 crore urban families with housing over five years.
2. Design Approach: PMAY-U 2.0 builds on lessons from the original PMAY-U, global best practices, and consultations with stakeholders like states, banks, housing finance companies, and the private sector.
    

Key Components of PMAY-U 2.0
 

1. Beneficiary Led Construction (BLC): This helps eligible people build their own homes with financial support.
2. Affordable Housing in Partnership (AHP): Develops affordable housing through partnerships between the government and the private sector.
3. Affordable Rental Housing (ARH): Provides rental housing options that are affordable in urban areas.
4. Interest Subsidy Scheme (ISS): Offers interest subsidies on housing loans to eligible families.

 

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