The second phase of the Pradhan Mantri Awas Yojana (PMAY 2.0) has been launched by the Centre to provide financial assistance for housing to economically weaker sections (EWS) and middle-class families in urban areas.
On August 9, 2024, the Union Cabinet approved the scheme, which aims to support EWS and middle-class families in cities. Under PMAY 2.0, the government plans to build 1 lakh new homes, with each unit receiving a financial subsidy of Rs 2.30 lakh.
The Ministry of Housing and Urban Affairs reported that, in the previous phase of PMAY-Urban, 1.18 lakh houses were approved, and over 8.55 lakh houses were successfully completed and handed over to beneficiaries. The scheme will be carried out through various components, including:
- Beneficiary-Led Construction (BLC)
- Affordable Housing in Partnership (AHP)
- Affordable Rental Housing (ARH)
- Interest Subsidy Scheme (ISS)
The online application process for 1 lakh new homes under PMAY-U 2.0 has begun, allowing eligible individuals to submit their applications online.
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The Pradhan Mantri Awas Yojana (PMAY) is a government-backed initiative aimed at providing affordable housing for low and moderate-income individuals. The scheme’s goal is to construct 20 million affordable homes by March 31, 2022.
It is divided into two parts: Pradhan Mantri Awas Yojana (Urban) (PMAY-U) for urban residents and Pradhan Mantri Awaas Yojana (Gramin) (PMAY-G and PMAY-R) for rural areas. While PMAY-U is overseen by the Ministry of Housing and Urban Affairs, PMAY-G and PMAY-R are managed by the Ministry of Rural Development.