Centre approves building of 3.61 lakh houses under PMAY

Aiming to revive the real estate sector hit severely due to Covid-19, the Centre has approved the construction of 3.61 lakh new houses under Pradhan Mantri Awas Yojana - Urban (PMAY-U).

The decision was taken in the 54th Central Sanctioning and Monitoring Committee (CSMC) meeting held on Tuesday, which was also the first discussion held amid the second wave of the pandemic. The approval was given based on 708 proposals submitted to the Union Ministry of Housing and Urban Affairs by states.

The meeting was attended by 13 states/UTs. These houses are proposed to be constructed across beneficiary-led construction and affordable housing in partnership verticals, a statement from the Union Ministry of Housing and Urban Affairs stated.

"As on date, the total number of sanctioned houses under PMAY(U) is now 112.4 lakh and so far, 82.5 lakh have been grounded for construction of which 48.31 lakh have been completed/delivered. Total investment under the mission is Rs 7.35 lakh crore which has Central assistance of Rs 1.81 lakh crore of which Rs 96,067 Crore of funds have been released," said the statement.