Housing sector

In Sitharaman’s 2022 budget, Covid-hit housing sector gets a boost

Union Budget 2022: Nirmala Sitharaman announced that Rs 48,000 crore has been allocated for housing projects under the Prime Minister’s Housing Scheme (Representative Image: Shutterstock)

Budget 2022: The Center is also looking forward to developing remote areas, with Sitharaman announcing that border villages will be covered by the Vibrant Villages program. As part of this program, accommodation tourist centers, DTH (Direct To Home), etc. Will be provided.

  • News18.com
  • Last update:February 01, 2022, 1:04 PM IST
  • FOLLOW US ON:

Hit by the coronavirus over the past two years, affordable housing received a boost in the 2022 Union Budget as Finance Minister Nirmala Sitharaman announced on Tuesday that up to 80 lakh homes are expected to be built in 2022. ‘ by 2023. She further said that Rs 48,000 crore has been allocated for housing projects under the Prime Minister’s Housing Scheme.

The Center is also keen to develop remote areas, with Sitharaman announcing that border villages with sparse population and limited infrastructure will be covered by the Vibrant Villages program. As part of this program, accommodation tourist centers, DTH (Direct To Home), etc. Will be provided.

The finance minister also said natural agriculture without chemicals will be promoted across the country, with focus on farmers’ land in 5 km wide corridors along the Ganges.

The Housing for All by 2022 initiative was launched by the Modi government within five months of taking office. This is to ensure housing for every Indian by 2022. To boost affordable housing and realize the vision of housing for all by 2022, the government (central and state) has undertaken several initiatives, such as Pradhan Mantri Awas Yojana (PMAY) which aims to build one crore houses in urban and rural India by 2022.

According to statistics made available by the Ministry of Housing and Urban Affairs, out of the total assessed demand of 1.12 crore houses, 1.14 crore houses were sanctioned under the PMAY (urban). Of these, a total of 91.5 lakh houses have been grounded for construction and 53 lakh houses have been completed/delivered, as of December 12, 2021. A total of 17.35 lakh beneficiaries have benefited from subsidy on housing loans through the Credit Linked Subsidy Scheme (CLSS), of which 6.15 lakh beneficiaries belong to the middle income group.

Read all the latest news, breaking news and Union Budget 2022 updates here.