Centre makes additional investment of Rs 16,641 crore for 2.4 lakh affordable houses

The Central government on Tuesday approved the construction of over 2.4 lakh houses for urban poor under Pradhan Mantri Awas Yojana (PMAY) with an additional investment of Rs 16,641 crore from April this year. 

“Central government has approved an additional investment of Rs 16,641 crore for affordable housing for construction of 2,44,267 houses for urban poor under Pradhan Mantri Awas Yojana (Urban) during the first four months of this financial year,” Ministry of Housing and Urban Poverty Alleviation said in a release on Tuesday. 

The Press Information Bureau (PIB) tweeted as saying: 

Rs.16,641 cr investment in affordable housing for urban poor approved this fiscal so far → https://t.co/5QUGRTxOda pic.twitter.com/6xubUeW28y

— PIB India (@PIB_India) July 26, 2016

The ministry in the last financial year 2015-16 (FY16) had approved over 6.8 lakh houses for the urban poor in 18 states with a total investment of Rs 34,927 crore.

“With these approvals, a total investment of Rs 51,568 crore has so far been approved for construction of 9,27,991 houses for economically weaker sections (EWS) in urban areas in 20 states under PMAY (Urban), which was launched in June last year,” cited the release.

The release further said, "Central assistance of Rs 3,634 crore has been approved for construction of these houses under three components of the urban housing mission-- Affordable Housing In Partnership (1,24,642 houses), Beneficiary Led Construction (1,15,989) and In-situ Slum Redevelopment (3,636 houses).”  

The Ministry of Housing and Urban Poverty Alleviation has approved these proposals for the benefit of urban poor in 11 States.

During the current fiscal year 2016-17 (FY17), the ministry has approved over one lakh affordable houses for Maharashtra state while it has sanctioned 42,896 houses for Tripura state and 23,843 houses for Odisha. It has given Bihar an approval for 21,474 houses and Gujarat for 17,838 houses in FY17. 

Central assistance of Rs.1.50 lakh per each dwelling unit is provided for affordable housing under 'Affordable Housing in Partnership' and 'Beneficiary Led Construction' components while up to Rs 1 lakh per house is given for In-situ Slum Redevelopment, the release noted.