Budget 2018: Housing Ministry Seeks 3-Fold Hike In Allocation
The Housing and Urban Affairs Ministry sought a nearly three-fold increase in allocation of funds in the Budget this year for its Pradhan Mantri Awas Yojana (Urban), an official source said.
The Central government aims to construct 1.2 crore houses for the urban poor under the Narendra Modi government's flagship scheme. So far, the construction of 37.5 lakh houses has been approved under the scheme.
"The ministry has sought over three-fold hike in the allocation of funds for the PMAY (U). The ministry had proposed Rs 20,000 crore for financing of the scheme," the source said.
In the Budget 2017-18, the scheme was allocated Rs 6,200 crore.
"Talks were on at the highest level and the ministry is expected to be allocated around Rs 17,000 crore," he said.
Keeping in view that the programme has to be completed by 2022, the ministry has laid special emphasis on its funding in the Budget proposal, the source said. The ministry was adopting a multi-pronged strategy to give momentum to the scheme, a housing ministry official said. The official said the focus was on adopting technology that offers "affordable, sustainable houses and scalability".
The ministry will launch the Global Housing Construction Technology Challenge (GHCTC) in March to attract the best practices in the construction sector, the official said. The technology selected will be deployed to construct affordable houses across India.
Under the PMAY (U), people can avail of benefits under various components to buy a house in urban areas.
With inputs from Housing News