New Delhi: The Pradhan Mantri Awas Yojana-Urban (PMAY-U) will entail an investment of Rs 5.7 lakh crore and the central assistance in the programme will be to the tune of Rs 1.6 lakh crore.
The government has sanctioned about 1 crore houses under the programme and around 30 lakh homes have already been constructed.
The government is providing Rs1-2.67 lakh for each home under various verticals of the programme. It has released about Rs 60,000 crore for the scheme so far, the Ministry of Housing & Urban Affairs said in a statement.
Constrcution work of around Rs 3 lakh crore is going on currently. By the time, all the validated demand of 1.12 crore homes will be constructed under the scheme, a total of Rs 7 lakh crore investment would have been done.
In order to meet the additional requirement of giving central assistance for the scheme over and above the budgetary support, government has made a provision for raising Extra Budgetary Resources (EBR) of Rs 60,000 crore of which Rs 38,000 crore has been raised already. Government has also set up an Affordable Housing Fund (AHF) in the National Housing Bank (NHB) with an initial corpus of Rs 10,000 crore uing priority sector lending shortfall of banks/financial institutions for micro financing of the housing finance companies.