The Union Budget 2022-23 has proposed an allocation of ₹48,000 crore towards the government initiative of Housing for All.
“In 2022-23, 80 lakh houses will be completed for the identified eligible beneficiaries of PM Awas Yojana, both rural and urban. ₹48,000 crore is allocated for this purpose,” Finance Minister Nirmala Sitharaman said in her Budget speech.
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She said the Central government will work with the State governments for reduction of time required for all land- and construction-related approvals, for promoting affordable housing for middle class and economically weaker sections in urban areas.
“We shall also work with the financial sector regulators to expand access to capital along with the reduction in cost of intermediation,” she said. Commenting on the real estate and housing-related announcements, Anurag Mathur, CEO, Savills India said, “Direct real estate measures were focussed on providing infrastructure status to data centres and allocating ₹48000 crore for 80 lakh houses under PMAY.”
“However, there are long-term gains wherein the focus on creating a broad-based platform for manufacturing, research and development should create newer avenues for investment and development. In addition, there was significant focus on urban capacity building, digitisation of land records and new proposed SEZ law that will enable States to partner in existing and new enclaves to enhance exports,” he added.