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Pradhan Mantri Awas Yojana (Urban): Cabinet okays extension of urban housing scheme till 2024

Pradhan Mantri Awas Yojana (Urban): Cabinet okays extension of urban housing scheme till 2024

New Delhi: The Union Cabinet has approved the extension of flagship urban housing scheme — Pradhan Mantri Awas Yojana (Urban) — till December 31, 2024 wherein financial assistance is to be provided for the completion of already sanctioned 122.69 lakh houses till March 31, 2022.

Launched in 2015, the original deadline for the scheme aimed at providing affordable housing with incentives was March 2022. It was launched with the aim to achieve housing for all by 2022.

Central assistance approved since 2015 is Rs 2.03 trillion. Up to March 31, 2022, central assistance or subsidy of Rs 1.18 trillion has already been released and Rs 85,406 crore will be released as central assistance till December 31, 2024, said a statement from the Housing ministry.

The continuation of the scheme based on the request of states and Union Territories up to December 31, 2024 will help in completion of already sanctioned houses.

Recently, Minister of State for Housing and Urban Affairs Kaushal Kishore said in Parliament that the government is considering extending the flagship scheme up to 2024.

In a written reply in Lok Sabha, Kishore said: "A proposal seeking extension of the mission up to March 2024, to complete all houses sanctioned under the scheme up to March 31, 2022 without changing the funding pattern and implementation methodology, is under consideration. Meanwhile, an interim extension of six months for all verticals except Credit Linked Subsidy Scheme has been granted."

The extension comes at a time the pandemic has impacted the completion of projects under the scheme. During the Budget speech for FY23, Finance minister Nirmala Sitharaman had stressed upon faster clearances for projects of urban housing.

"The Central government will work with the state governments for reduction of time required for all land and construction related approvals, for promoting affordable housing for middle class and economically weaker sections in urban areas. We shall also work with the financial sector regulators to expand access to capital along with reduction in cost of intermediation," she had said.

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