In a landmark move aimed at uplifting the middle class and providing affordable housing solutions, Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, announced the launch of a new scheme during the presentation of the Interim Budget 2024-25 in Parliament today. The initiative is designed to assist deserving sections of the middle class residing in rented houses, slums, chawls, and unauthorized colonies to fulfil their dream of owning a house.
The Finance Minister highlighted the success of the Pradhan Mantri Awas Yojana (Grameen), despite the challenges posed by the COVID-19 pandemic. She revealed that the government is on the verge of achieving the target of constructing three crore houses under the scheme. Sitharaman expressed confidence that an additional two crore houses will be taken up in the next five years, addressing the growing demand due to an increase in the number of families.
The newly announced scheme aims to provide financial assistance to those living in marginalized conditions, facilitating their transition from rented accommodations to owning their own houses. This move is expected to not only improve the living standards of the middle class but also contribute to the government’s vision of ‘Housing for All’ by fostering homeownership.
Emphasizing the government’s commitment to inclusive development, Sitharaman stated that the approach is “all-round, all-pervasive, and all-inclusive” (सर्वांगीण, सर्वस्पर्शी और सर्वसमावेशी). The overarching goal is to transform India into a ‘Viksit Bharat’ by 2047, aligning with the nation’s aspirations for comprehensive progress. The move is anticipated to not only boost the real estate sector but also stimulate economic growth by providing a significant impetus to the housing industry.
