What is the target number of houses to be built under the Pradhan Mantri Awas Yojana (Urban) by 2023-2024?

The correct answer is 1.89 crore.

Key Points

• Under the Pradhan Mantri Awas Yojana (Urban), the government aims to provide housing for all by 2023-2024, targeting the construction of 1.89 crore houses.
• The scheme was launched on 25 June 2015 by Prime Minister Narendra Modi, focusing on urban areas.
• The initiative aims to address the housing shortage among the Economically Weaker Sections (EWS), Low-Income Groups (LIG), and Middle-Income Groups (MIG).
• PMAY (Urban) includes four verticals: In-situ Slum Redevelopment, Credit Linked Subsidy Scheme (CLSS), Affordable Housing in Partnership (AHP), and Beneficiary-led Construction (BLC).
• By the end of 2022, over 1.22 crore houses had been sanctioned, with significant progress in construction and occupancy.

Additional Information

• Pradhan Mantri Awas Yojana (PMAY)
  • It is divided into two categories: PMAY (Urban) for urban areas and PMAY (Gramin) for rural areas.
  • The scheme aims to achieve "Housing for All" by providing affordable housing to urban poor and rural populations.
  • Beneficiaries under PMAY are selected based on the Socio-Economic Caste Census (SECC) 2011 data.
• Credit Linked Subsidy Scheme (CLSS)
  • Under PMAY (Urban), CLSS provides interest subsidies on home loans for beneficiaries in EWS, LIG, and MIG categories.
  • The subsidy varies based on income groups, with interest rates ranging from 6.5% to 4% annually.
• Affordable Housing in Partnership (AHP)
  • Encourages partnerships between public and private sectors to construct affordable housing projects.
  • Central assistance of up to Rs. 1.5 lakh per house is provided for eligible beneficiaries.
• Beneficiary-led Construction (BLC)
  • Under BLC, financial assistance is provided to beneficiaries to build or enhance their own houses.
  • Beneficiaries receive up to Rs. 1.5 lakh for constructing houses on their own land.