HomeLatestPMAY-U 2.0 Receives Warm Welcome from Real Estate Sector

PMAY-U 2.0 Receives Warm Welcome from Real Estate Sector

The Union Cabinet’s recent approval of the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 has been met with widespread enthusiasm from the real estate sector in Mumbai. This enhanced iteration of the scheme is designed to provide financial assistance to an estimated one crore urban poor and middle-class families over the next five years, facilitating their ability to construct, purchase, or rent homes at affordable rates.

With a total investment of INR 10 lakh crore, including a government contribution of INR 2.30 lakh crore, PMAY-U 2.0 aims to significantly uplift the quality of life for millions of Indians. The scheme builds on the achievements of its predecessor, which has already approved 1.18 crore houses and delivered over 85.5 lakh homes to beneficiaries throughout urban India. The renewed focus of PMAY-U 2.0 includes targeted support for marginalized groups such as slum dwellers, SC/ST communities, minorities, widows, persons with disabilities, and other disadvantaged sectors. Additionally, specific attention will be given to safai karmacharis, street vendors, artisans, anganwadi workers, and residents of slums and chawls.

The real estate sector has lauded the initiative, recognizing its potential to address the housing needs of a significant portion of the urban population. A spokesperson of NAREDCO Maharashtra commended the scheme’s ambitious target and the substantial government investment, highlighting its positive impact on both living standards and the real estate sector. Similarly, spokespersons from CREDAI-MCHI and Tridhaatu Realty expressed their support for PMAY-U 2.0, emphasizing its potential to reshape the urban housing landscape. The comprehensive financial support of INR 2.30 lakh crore underscores the government’s robust commitment to alleviating the housing deficit and improving living conditions across urban areas.

A representative from The Mentors Real Estate Advisory Pvt Ltd noted that the initiative’s focus on affordability is expected to stimulate demand within the real estate sector, encouraging innovative housing solutions and fostering collaborative efforts between the public and private sectors. Overall, the approval of PMAY-U 2.0 has been welcomed by the real estate sector in Mumbai, which views it as a significant step towards achieving comprehensive housing for all in India. The scheme’s focus on affordability, coupled with the substantial government investment, is expected to drive demand, promote sustainable urban development, and improve the quality of life for millions of citizens.

RELATED ARTICLES
- Advertisment -spot_img

Most Popular

Recent Comments

Delhi Leads 85 Percent Jump in Luxury Home Sales Across Seven Major Cities

Delhi Leads 85 Percent Jump in Luxury Home Sales Across Seven Major Cities

0
India’s luxury residential market has posted a sharp upswing in the first half of 2025, with sales of high-end homes rising 85% year-on-year across...

MADAN JAIN – VISION BEYOND VERTICALS

0
In a sector often accused of being transactional, MADAN JAIN the Founder & Chairman of Bhairaav Group, is a rare voice of purpose, balance,...

FROM SPACES TO SKYLINES A WOMAN’S BLUEPRINT FOR TOMORROW

0
In a world where architecture, real estate, and leadership are still often male-dominated terrains, PRIYA GURNANI, Managing Director of Moraj Group is quietly rewriting...

ENGINEERING TOMORROW – HOW NUVOCO IS REINVENTING CONCRETE FOR A GREENER, SMARTER WORLD

0
In an exclusive interaction with Homes & Buildings Magazine, MR. SHRIDHAR AYYAR, Senior Vice President & Head – Manufacturing, RMX at Nuvoco Vistas Corp.,...
Alibag Land Market Booms As Peninsula Launches Premium Plot Project

Alibag Land Market Booms As Peninsula Launches Premium Plot Project

0
Alibag’s growing appeal as a premium second-home and investment destination has received a new boost with Peninsula Land’s entry into the market. The real...