Navi Mumbai's Real Estate Fraternity Welcomes Modi 3.0 Government's Decision to Construct Additional Houses Under Pradhan Mantri Awas Yojana (PMAY)
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Navi Mumbai's real estate fraternity has warmly welcomed the Modi 3.0 government's ambitious decision to construct an additional three crore rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY). This initiative is set to significantly impact the housing sector, which has already seen substantial growth over the past decade with the construction of approximately 4.21 crore houses under the scheme.
Impact on the Real Estate Sector and Economy
Dr. Niranjan Hiranandani, National Chairman of the National Real Estate Development Council (NAREDCO), emphasized the broader economic implications of this decision. He stated, “As the real estate sector is the second largest employer in the country, the PMAY's extension will have a ripple effect on employment and economic growth indices.” This highlights the vital role the real estate sector plays in the nation's economy and how the extension of PMAY is expected to bolster job creation and stimulate economic activity.
Boosting Affordable Housing
Prashant Sharma, President of NAREDCO Maharashtra, highlighted the significance of this initiative in realizing the vision of 'housing for all.' He remarked, “The initiative is a significant step towards achieving the vision of ‘housing for all’ and will bolster the real estate sector, particularly in the affordable housing segment.” This underscores the focus on making affordable housing accessible to a larger segment of the population, thereby enhancing the quality of life for many families across the country.
A Decade of Progress
The PMAY has already made remarkable strides in addressing the housing needs of the nation, with approximately 4.21 crore houses constructed over the past decade. The Modi 3.0 government's decision to further extend this scheme by adding three crore more houses aims to continue this momentum, ensuring that more citizens can benefit from secure and affordable housing.