PM Modi Approves Massive Expansion of Housing Scheme: 3 Crore New Homes to Be Built Under PMAY

In his first Cabinet meeting of the third term, Prime Minister Narendra Modi approved significant government assistance for the construction of three crore rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). Of these, two crore homes will be built under PMAY-Gramin and one crore under PMAY-Urban. An official source revealed, “The Cabinet decided today to provide assistance to three crore additional rural and urban households for constructing homes, addressing the housing needs of an increasing number of eligible families.”

Prime Minister Modi highlighted this decision in a post on X, describing it as a substantial step towards promoting a dignified life and ease of living for millions of Indians. “Our government has today decided to expand the Pradhan Mantri Awas Yojana and build 3 crore new houses in villages and cities. This decision reflects our commitment to improving living standards and providing quality life. The expansion of PMAY underscores our determination for all-round development and social justice,” Modi stated.

Following his swearing-in for the third term, Modi’s first official act was to authorize the release of the 17th instalment of PM Kisan Nidhi, benefiting 9.3 crore farmers with a distribution of approximately Rs 20,000 crore. “Ours is a government fully committed to kisan Kalyan. It is fitting that the first file signed is related to farmer welfare,” Modi commented.

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The real estate industry has welcomed the Prime Minister’s decision. Dr. Niranjan Hiranandani, Chairman of NAREDCO National, praised the move, stating, “The real estate industry applauds the maiden Cabinet’s decision to sanction the construction of three crore additional rural and urban houses under PMAY. Affordable housing development is crucial for revitalizing the property market. This extension will have a positive impact on employment and economic growth. Additionally, the industry must focus on upskilling labour to bridge the existing skill gap, which will improve socioeconomic conditions.”

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Kunal Chheda, CEO of AWAS Group, emphasised the importance of including in-situ slum rehabilitation within the PMAY-Urban framework. “As a leading player in Additional/Incentive FSI generation, it is our humble request that PMAY-Urban also cover in-situ slum rehabilitation and transit accommodation construction. Providing related Income-tax/GST incentives and ensuring speedy approvals for rehab tenements will significantly increase the housing stock within city limits,” Chheda remarked.

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Chintan Vasani Founder Partner of Wisebiz Developers added, “The Cabinet’s decision to expand PMAY to construct 3 crore more rural and urban houses demonstrates the government’s commitment to addressing the housing needs and enhancing the quality of life for millions. This is a bold and welcome move.” This expansion of PMAY marks a significant step towards meeting India’s housing needs, reflecting the government’s focus on inclusive development and social welfare.

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Ms Manju Yagnik, Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO- Maharashtra said The Cabinet’s approval for constructing 3 crore rural and urban houses under the Pradhan Mantri Awas Yojana is a monumental step towards achieving housing for all. This decision underscores the government’s commitment to addressing the housing needs of our nation and ensuring that every citizen leads a better quality of life. The expansion of PMAY also highlights our government’s commitment to inclusive growth and social welfare. The demand for construction materials, skilled labour, and allied services will significantly rise, fostering innovation and expansion within the industry. Moreover, this project aligns with sustainable development goals, ensuring that the housing provided is inclusive and eco-friendly, which can enhance the living standards of millions while promoting a greener future.

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