The real estate sector looks set for an upswing this year. The Ministry of Housing and Urban Affairs (MoHUA) has approved one crore houses under the Pradhan Mantri Awas Yojana – Urban (PMAY-U). The remaining houses will be sanctioned by the end of March 2020, it was announced.
Addressing a press conference, Union Housing and Urban Affairs Minister Hardeep Singh Puri said in the next three to four months, the ministry will sanction all the 1.12 crore houses, a target set by the government. According to the ministry, a total of 57 lakh houses are in various stages of construction of which, nearly 30 lakh houses have been completed.
Talking about the landmark reached by PMAY-U, Niranjan Hiranandani, National President, NAREDCO, noted, “It will create a positive sentiment and we look forward to implementation.”
Experts too agree. They say that the housing scheme will not only provide affordable housing units to the urban poor but will boost allied sectors of the real estate economy such as steel, bricks, cement, and paint. The scheme has created around 1.20 crore employment opportunities so far.
Officials have informed that a total investment of about Rs 6.13 lakh crore went into developing the sanctioned houses under the ambitious housing scheme. The Central Government had contributed a share of Rs 1.63 lakh crore for the construction of houses.
So far, nearly Rs 60,000 crore central assistance has already been released.
“Presently, works of about Rs 3 lakh crore is ongoing and by the time mission accomplishes its target of 1.12 crore houses, the entire activity will trigger an investment of more than Rs 7 lakh crores,” the ministry said in a statement.