Cabinet approves Rs 60,000 crore funds for PMAY(Urban)


In a bid to achieve the target of building 1.2 crore houses in urban areas with partial government support under the PMAY (Urban) scheme, the cabinet yesterday approved, setting up of National Urban Housing Fund (NUHF) for Rs 60,000 crore to meet funds requirement.


After the cabinet meeting, housing and urban affairs minister Hardeep Singh Puri said, “This will take care of the fund requirement for the next 4 years. The approval means we can raise funds when we need it rather than approaching the Cabinet.”


He further told that so far the housing ministry has sanctioned 39.4 lakh houses under the PMAY. Till now, more than 17.63 lakh houses have been grounded and about 5 lakh houses have been completed.  The minister also projected confidence that the government would be able to provide houses to all the urban poor, before the target of 2022.


With the cabinet having approved the NUHF provisioning for funds amounting to Rs 60,000 crores over a period of four years, It will definitely add a momentum to the pace of implementation in this scheme.