Cabinet Approves Extension of PMAY-G for 2 Crore Additional Houses

The Union Cabinet, led by PM Narendra Modi, has greenlit the continuation of the PMAY-G scheme till 2028-29. The plan includes financial aid for building 2 crore additional houses with a total budget of Rs. 3,06,137 crore, aimed at addressing rural housing needs.

The Union Cabinet, chaired by Prime Minister Narendra Modi, has sanctioned the extension of the 'Pradhan Mantri Awaas Yojana - Gramin (PMAY-G)' till fiscal year 2028-29. The Ministry of Rural Development confirmed the approval for the construction of two crore houses with financial backing.

Under the revised scheme, the government will offer financial support for building homes at Rs. 1.20 lakh per unit in plain areas and Rs. 1.30 lakh in specific regions, including the North East and Hill States. This decision aims to meet the PMAY-G objectives for additional housing and complete the remaining targets from previous phases.

The total budget allocated for the initiative is Rs. 3,06,137 crore, comprising a Central Share of Rs. 2,05,856 crore and a State Matching Share of Rs. 1,00,281 crore. The scheme's future will be reassessed post-March 2026 by NITI Aayog and the Expenditure Finance Committee. Administrative costs are set at 2% of the program funds.

The remaining 35 lakh houses from the prior PMAY-G phase, pending completion by March 2024, will be finalized to hit a total of 2.95 crore homes. This extension will help tackle rural housing issues, benefiting around 10 crore individuals, and ensure safe and secure living conditions.

This governmental move aims to provide basic amenities and enhance the quality of life by offering secure housing solutions to the houseless and those dwelling in substandard conditions.

(With inputs from agencies.)