Construction Industry News
It has been almost eight years since the government launched Pradhan Mantri Awas Yojana (PMAY), a scheme to provide all-weather housing to the less fortunate in urban and rural India. To maximize its impact, the program was designed to be implemented through four vertical pillars: beneficiary-led construction, affordable partnership housing (AHP), in-situ slum redevelopment (ISSR) and a credit-linked subsidy scheme.
Although PMAY was supposed to be completed by March 2022, only the credit-related subsidy scheme had been finalized by then. Overall, the completion rate of PMAY-U (Urban) was 69.73 percent, while the completion rate of PMAY-G (Gramin de Rural) was 85 percent. So far in urban India, 11.863 million houses have been sanctioned, 11.343 million houses have been demolished, 7.827 million houses have been completed and Rs 1,539.7 billion have been released as central assistance, out of a total of 2 trillion rupees so far. Due to the shortage, the implementation of the program (apart from the credit-linked subsidy plan) has been extended until December 2024.
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