“In 2022-23, 80 lakh residences would be finished for qualified PM Awas Yojana participants in both rural and urban areas,” FM said. According to Sitharaman,
The Union Budget for 2022-23 proposes allocating Rs 48,000 crore to the government’s Housing for All initiative.
“By 2022-23, 80 lakh dwellings would have been built for PM Awas Yojana’s identified eligible participants, both rural and urban.” “For this purpose, 48,000 crore has been set aside,” Finance Minister Nirmala Sitharaman stated in her Budget speech.
She stated that the federal government will collaborate with state governments to reduce the time it takes to obtain all land and construction-related permissions, as well as to promote affordable housing for the middle class and economically disadvantaged in metropolitan areas.
“We will also cooperate with financial sector regulators to increase access to finance while lowering intermediation costs,” she said. “Direct real estate initiatives were focused on awarding infrastructure status to data centres and allocating 48000 crore for 80 lakh dwellings under PMAY,” said Anurag Mathur, CEO of Savills India, in response to the real estate and housing-related announcements.
“However, there are long-term benefits in focusing on developing a broad-based platform for manufacturing, research, and development, which should open up novel investment and growth options.” Furthermore, there was a strong focus on urban capacity building, land record digitization, and a new proposed SEZ law that will allow states to collaborate in existing and future enclaves to boost exports,” he noted.