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Govt needs Rs 1 trillion in 3 years to build 1 crore houses

Govt needs Rs 1 trillion in 3 years to build 1 crore houses

The Pradhan Mantri Awas Yojana – Urban (PMAY-U), being implemented by the Ministry of Housing and Urban Affairs under the mission ‘Housing for All by 2022Â’ since June 2015, needs a concerted push to succeed.

As of November 26, 2018, although 63 lakh houses had been sanctioned, only 12 lakh have been constructed, while 23 lakh are under construction. Andhra Pradesh, Uttar Pradesh, Maharashtra, Madhya Pradesh and Tamil Nadu together accounted for 55 per cent share of the sanctions.

The ministry aims to sanction 75 lakh houses and construct 30 lakh of them by the close of this fiscal. The central government needs to contribute a whopping Rs 1.5 trillion in seven fiscals through 2022, at an average Rs 1.5 lakh per house. However, only 22 per cent of this, or Rs 325 billion, has been disbursed so far.

Of the total central assistance, Rs 190 billion has been factored in the budgetary allocation till fiscal 2019. The balance would be met through future budget allocations and internal and extra budgetary resources, of which Rs 250 billion has been provided for fiscal 2019.

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