Budget 2022: Affordable housing gets major boost

Finance Minister Nirmala Sitharaman on February 1 announced the completion of 80 lakh homes under the Pradhan Mantri Awas Yojana and allocation of Rs 48,000 crore under PMAY urban and rural.

As many as 80 lakh homes are expected to come up by 2023.

These announcements are expected to help boost the affordable housing market.

“Announcements such as 48,000 crores for PMAY, 80 lakh homes under PMAY, single-window environmental approvals, better co-ordination between the Centre and states for approval processes and uniform registration of deeds will help boost the affordable housing market,” said Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers.