Outlook Business Desk
The second phase of Pradhan Mantri Awas Yojana (PMAY 2.0) aims to provide financial aid for housing to economically weaker sections (EWS) and middle-class families in urban areas. Approved by the Union Cabinet on August 9, 2024, the scheme will fund the construction of 1 lakh new houses, each receiving a subsidy of Rs 2.30 lakh
In the previous phase of PMAY-Urban, 1.18 lakh houses were approved for construction, and over 8.55 lakh houses were successfully completed and handed over to beneficiaries
The scheme includes Beneficiary-Led Construction (BLC) for self-building homes, Affordable Housing in Partnership (AHP) with private developers, Affordable Rental Housing (ARH) solutions, and Interest Subsidy Scheme (ISS) offering housing loan interest subsidies to eligible beneficiaries
The online application process for 1 lakh new households under PMAY-U 2.0 has begun. Eligible individuals can now apply online to avail the benefits of the scheme
The primary goal of the Pradhan Mantri Awas Yojana (PMAY) is to provide affordable housing for low and moderate-income individuals, with the initiative aiming to construct 20 million affordable homes
PMAY is divided into two components: PMAY-Urban (PMAY-U), which targets urban areas and is managed by the Ministry of Housing and Urban Affairs, and PMAY-Gramin (PMAY-G), which focuses on rural areas and is managed by the Ministry of Rural Development.
The scheme aims to address the housing gap by providing affordable homes for economically disadvantaged groups. The Ministry of Housing and Urban Affairs oversees the urban component of PMAY, while the Ministry of Rural Development handles the rural aspects