"PMAY-U 2.0: The Government’s Big Push for Affordable Housing in Cities"

The Union Cabinet, led by Prime Minister Narendra Modi, has approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0, a major housing initiative aimed at helping urban families. The program will assist one crore (10 million) poor and middle-class families across India over the next five years by providing financial support to build, buy, or rent affordable homes in cities.

Key Points of PMAY-U 2.0

1. Financial Support: The government will invest ?2.30 lakh crore (?2.3 trillion) in this scheme.
2. Previous Success: In the first phase of PMAY-U, 1.18 crore houses were approved, and over 85.5 lakh houses have already been built and given to families.
3. Affordable Housing: PMAY-U 2.0 aims to improve the quality of life by ensuring every eligible urban resident has a 'pucca' (permanent) house.
4. Eligibility: Families without a permanent house are eligible. The program targets economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG):
5. Interest Subsidy: Beneficiaries can get a subsidy on home loans:
6. Affordable Housing in Partnership (AHP): Financial help will be provided to EWS families through partnerships with states and cities. Beneficiaries can also get housing vouchers for buying homes from private projects.
7. Technology Innovation Grant (TIG): An additional grant of ?1000 per square meter/ unit will support projects using innovative construction methods.
8. Affordable Rental Housing (ARH): This part of the program will focus on creating rental housing for those who need temporary accommodation, like working women, industrial workers, students, and others.

How It Works

• Loans and Subsidies: Eligible families can apply for loans and receive subsidies through an easy process, which includes online access and smart cards.
• Partnerships: States and cities will collaborate with private builders and provide support for innovative housing projects.
• Rental Housing: The ARH initiative will offer affordable and clean rental options for those who need short-term housing.

PMAY-U 2.0 aims to provide better living conditions and affordable housing options for millions of urban families, helping them achieve a higher quality of life.