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Informist, Tuesday, Jul 23, 2024

--Urban development also a priority for Viksit Bharat 
--PM urban housing plan 2.0 for 10 mln urban poor, middle class 
--Provision of interest subsidy under urban housing plan 
--PM urban housing plan outlay of 10 trln rupees 
--Govt to allot 2.2 trln rupees for urban housing plan for 5 yr 
--Econ, transit plans through town-planning scheme for cities
--Transit-oriented development plan for 14 cities 
--Framework for creative redevelopment of cities soon 
--To develop cities as growth hubs with help of states 
--Rental housing facility for industrial workers in PPP mode 
--To make allocations for 30 mln more houses in PM Awas plan

KOLKATA – Union Finance Minister Nirmala Sitharaman today said the government will allot 2.2 trln rupees in the next five years under the PM Awas Yojana Urban 2.0, which will address the housing needs of 10 mln poor and middle-class people in cities. The urban housing plan has a total outlay of 10 trln rupees.

"A provision of interest subsidy to facilitate loans at affordable rates is also envisaged," Sitharaman said while presenting the Budget for 2024-25 (Apr-Mar) in Parliament. "In addition, enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place."

Under PM Awas Yojna, the government will help citizens construct 30 mln houses in rural and urban areas. PM Awas Yojana Urban 2.0 is part of this scheme.

Launched in 2015, the government has sanctioned 11.86 mln houses under the first phase of the PM Awas Yojana for urban areas, of which 8.5 mln houses have been completed, according to data from the Ministry of Housing and Urban Affairs. Nearly 2 trln rupees were allotted for the project, of which, 1.64 trln rupees have been released till July. Typically, these houses could be up to an area of 30 square mtr, but the state and union territory governments can increase the size of houses in consultation with the Centre.

The government will also develop rental housing with dormitory-type accommodation for industrial workers via the public-private partnership mode with viability gap funding support and commitment from anchor industries.

Sitharaman said the government will facilitate development of cities as growth hubs in consultation with the state governments. This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising town planning schemes, she said.

Talking about redevelopment of existing cities, Sitharaman said, "For creative brownfield redevelopment of existing cities with a transformative impact, our government will formulate a framework for enabling policies, market-based mechanisms and regulation."

The government is also developing transit-oriented development plans for 14 large cities with a population above 3 mln, along with an implementation and financing strategy, the finance minister said.

In a General Election year, the incumbent government presents an Interim Budget in Parliament. Prime Minister Narendra Modi government presented the Interim Budget for 2024-25 on Feb 1. The Modi government returned to power with a reduced majority in the elections. Finance Minister Nirmala Sitharaman, who retained her portfolio, presented the full Budget for 2024-25 today.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Avishek Rakshit

Edited by Vidhi Verma

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