Maharashtra to build 3.75 lakh houses under PMAY-Urban by December 2024, Real Estate News, ET RealEstate

Pune: State government to construct 3.75 lakh houses Maharashtra under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) by December 2024, as per the revised deadline set by the Centre.

These 3.75 lakh units are part of the 15.82 lakh units approved for the state in 2015, of which 6.93 lakh or 44% have been completed. The earlier deadline to complete the construction of the 2015 target was 2022, which was revised to 2024 in the Centre’s bid to overcome the impact of the Covid-19 pandemic.

Confirming the development, a senior official of the state housing department said, “Besides the completion of 6.93 lakh housing units till December last year, 2.49 lakh houses are in various stages of construction. An additional 1.25 lakh houses were completed in March last.” Were. Sanctioned under the scheme, for which work is going on.

Rs 79,000 crore has been allocated for PMAY under the Union Budget 2023-24. “The increased budgetary allocation will help in speedy completion of the construction of the housing units,” the official said.

Also, the Center has directed states to review housing proposals approved under PMAY, which were approved before December 2020, before the pandemic. “Around 2.50 lakh houses were sanctioned under PMAY before December 2020. They will be reviewed to rationalize the target,” the official said.

“The projects whose implementation is impossible due to the delay caused by the pandemic will be canceled after review,” he said, adding, “The review for the same will be done soon.”

National Vice President of CREDAI Shantilal Kataria Said that the budgetary allocation would certainly help the state in implementing the projects under PMAY-U as there is a wide gap between the sanctioned and constructed units.

Realty experts said the data used for the Housing for All scheme was from the 2011 Socio-Economic and Caste Census. “Studies have shown that the urban housing shortage is only increasing, but there is no reliable current data as the census has not been done yet,” said an expert on condition of anonymity.

According to the PMAY-U website, 61.2 lakh houses have been built till January 2023 against the approved target of building about 1.25 crore houses in the country.