During the presentation of the interim Budget for 2024-25 in Parliament, Finance Minister Nirmala Sitharaman announced a scheme aimed at assisting deserving sections of the middle class residing in rented houses, slums, chawls, and unauthorized colonies to purchase or construct their own homes.
She emphasized the success of PM Awas Yojana (Grameen), noting that despite COVID challenges, the scheme’s implementation continued, and the government is nearing the three crore houses target.
Sitharaman revealed plans to undertake two crore additional houses in the next five years to accommodate the growing number of families. Prime Minister Narendra Modi had previously teased the scheme during his August 15, 2023, Red Fort speech, addressing the challenges faced by weaker sections and middle-class families in cities.
The new scheme aims to provide assistance, including relief in interest rates and bank loans, for those residing in rented houses, slums, chawls, and unauthorized colonies who aspire to build their own homes. The Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) has been in effect since April 1, 2016, supporting eligible rural households.