Union Cabinet Greenlights PMAY-U 2.0 for Urban Housing Boom

The Union Cabinet has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, aiming to provide housing aid to one crore urban poor and middle-class families over five years. The government has earmarked Rs 2.30 lakh crore for the scheme. It targets EWS, LIG, and MIG groups for affordable housing.

The Union Cabinet has given the green light to the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, a significant initiative poised to benefit one crore urban poor and middle-class families by offering financial assistance to construct, purchase, or rent affordable housing over the next five years.

The Cabinet meeting, chaired by Prime Minister Narendra Modi, concluded with the decision to invest a massive Rs 2.30 lakh crore into the initiative. The government disclosed that in the first phase of PMAY-U 2.0, 1.18 crore houses have already been sanctioned, with over 85.5 lakh homes completed and handed over to beneficiaries.

The scheme aids families from economically weaker sections, low income groups, and middle income groups, providing subsidies and assistance for affordable housing. Beneficiaries can also access incentives like technology innovation grants and redeemable housing vouchers for added support. The initiative aligns with the Prime Minister's vision of ensuring better living conditions for all urban citizens.

(With inputs from agencies.)