The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, has been celebrated as a transformative step for India’s real estate and urban development sectors. With a staggering allocation of ₹10 lakh crore to the Pradhan Mantri Awas Yojana, the government aims to develop 3 crore additional houses. This ambitious initiative is expected to significantly boost the construction market, particularly in high-demand areas like the National Capital Region (NCR), creating a ripple effect that will generate employment, support ancillary industries, and stimulate overall economic growth.
A noteworthy feature of the budget is the rationalization of stamp duties across states, coupled with incentives designed to encourage women to invest in homeownership. By making housing more affordable and promoting gender-inclusive financial empowerment, these measures strengthen the foundation for equitable development. The introduction of rental housing in the form of dormitory-style accommodations under a Public-Private Partnership (PPP) model is another innovative step. This solution addresses the critical housing needs of industrial workers, offering affordable and convenient living spaces near industrial hubs, which is expected to improve their productivity and overall quality of life.
These focused efforts on housing and infrastructure development are poised to transform urban landscapes while addressing the challenges of rapid urbanization. Enhanced housing affordability will enable a broader segment of the population to own homes, fulfilling a key aspiration for millions. Simultaneously, the construction boom will create jobs across sectors, from skilled labor to manufacturing. Providing affordable housing for industrial workers will not only reduce commuting challenges but also contribute to their well-being, fostering a more efficient workforce.
Moreover, the budget’s emphasis on sustainable urbanization aligns with India’s vision for creating resilient cities that can meet the demands of its growing population. By integrating economic, social, and environmental priorities, the Union Budget 2024-25 lays a strong foundation for inclusive growth, driving India’s progress toward a more equitable and sustainable future.
The Pradhan Mantri Awas Yojana (Urban) [PMAY(U)] continues to transform India’s housing landscape with significant achievements as of January 13, 2025. A total of 1.19 crore houses have been sanctioned, with 113.33 lakh grounded and 90.20 lakh completed, showcasing the program’s momentum. Financially, ₹1.58 lakh crore has been expended from the ₹1.99 lakh crore committed, underlining its robust implementation. Additionally, 25.04 lakh beneficiaries have received ₹58,868 crore in interest subsidies under the Credit Linked Subsidy Scheme (CLSS), while 16 lakh houses are being constructed using innovative technologies. PMAY(U) stands as a testament to inclusive and sustainable urban development in India.
References:
“Budget 2024-25: Realtors Celebrate Boost to Urban Development,” The Tribune India, January 2025. Retrieved from https://www.tribuneindia.com