PMAY Allocation Increased to ₹79,000 Crore in Budget 2023

The Finance Minister of India presented Budget 2023 on 1 February 2023. Not only new schemes but also old schemes get updated. In the Budget the Finance Minister proposed to increase the allocation made towards the Pradhan Mantri Awas Yojana by 66% to Rs 79,000 in the Union Budget 2023-24.

Pradhan Mantri Awas Yojana which was launched in 2015 and targeted to build 2 crore affordable houses by 17 August 2022. But now it is extended to December 2024 with all the verticals except Credit Link Subsidy (CLSS). CLSS for EWS and LIG were till March 31, 2022.

This period is extended to complete the existing project. No new houses were to be sanctioned during this period. 

“The outlay for the PMAY scheme has been increased from 66% to Rs 79,000 crore, which represents a significant increase in funding for the program. This increase in funding will likely help the government achieve its goal of providing affordable housing to more people and contribute to the overall growth and development of the country,” says Arpit Mehrotra, MD, office services, south India & head of flex | India, Colliers.

Adhil Shetty, CEO, Bankbazaar.com says, “The outlay for PM Awas Yojana being enhanced by 66% to over Rs 79,000 crores. The PM Awas Yojna hike is great news in the affordable housing market. Eligible homeowners can expect interest subvention relief on their properties.”

While achieving the Housing for All goal, PMAY CLSS qualified home loans at a low rate of Interest from banks and housing finance firms. 

For more information about – Pradhan Mantri Awas Yojana(Housing for all Scheme)