Government Announces Rs 2.2 Lakh Crore Aid Under PM Awas Yojana

The government announced central assistance of Rs 2.2 lakh crore under the Pradhan Mantri Awas Yojana-Urban, targeting housing for 1 crore urban poor and middle-class families over the next five years. Interest subsidies, rental housing policies, and reduced stamp duties were also proposed to facilitate affordable housing.

The government on Tuesday unveiled a central assistance package worth Rs 2.2 lakh crore for the next five years to meet the housing needs of 1 crore urban poor and middle-class families under the Pradhan Mantri Awas Yojana-Urban. This initiative will feature interest subsidies to ensure loans at affordable rates.

Finance Minister Nirmala Sitharaman, in her Budget speech, stated the PM Awas Yojana Urban 2.0 would receive an investment of Rs 10 lakh crore. She emphasized the allocation of Rs 2.2 lakh crore in the coming years to implement the program.

Sitharaman also revealed plans to promote rental housing markets through efficient policies and regulations. Additionally, the government aims to offer dormitory-type accommodations for industrial workers via public-private partnerships.

The minister proposed lowering stamp duties on property purchases, particularly encouraging states to reduce rates for properties bought by women. Stamp duty is a significant revenue source for state governments and is crucial for urban development.

On taxation, income from renting out houses will now be taxed as 'income from house property,' and amendments to the Prohibition of Benami Property Transactions Act have been proposed to offer benamidars immunity upon full disclosure.