Housing for All: Modi 2.0 on course to achieve 2022 target
As per MoHUD, more than 80.96 lakh homes have already been sanctioned in urban areas under PMAY scheme between 2014 and May-end 2019, of which over 61% are already completed or occupied.
Among the many flagship initiatives taken up during Modi 1.0, ‘Housing for All by 2022’ seemed highly ambitious - indeed, over-ambitious - though doubtlessly noble in intent. It certainly struck the right chord, and many of its beneficiaries in India’s hinterlands ultimately voted the incumbent Government back to power with a thumping majority. The stated target year 2022 clearly envisioned a second term for the Modi Government and signified not only its confidence in re-election but also an awareness that this gargantuan task could not be accomplished within just a single term in power. Now, the mandate of Housing for All by 2022 stands underscored as one of the primary deliverables whose fulfillment the Indian electorate looks forward to. With just three years remaining for meeting this intended target, the task ahead is daunting but perhaps doable with concerted political will - if not by 2022, then at least by the culmination of the Modi Government's new five-year term.
Speaking on the matter Anuj Puri, Chairman – ANAROCK Property Consultants said, "As per Ministry of Human and Urban Development (MoHUD), more than 80.96 lakh homes have already been sanctioned in urban areas under PMAY scheme between 2014 and May-end 2019, of which over 61 per cent are already completed or occupied. The remaining 39 per cent of sanctioned homes are currently under various stages of construction. If we compare this with their previous numbers early this year, of the total 79.78 lakh homes sanctioned under PMAY as on March 2019, only around 47 per cent were either complete or occupied." Anuj Puri of ANAROCK said that there has been significant progress in just a few months. With Modi 2.0, we can expect further momentum for the real estate sector, which has been regaining ground in recent times – and this scheme can therefore not only maintain its pace but pick up speed. In fact, many of this Government’s initiatives will embark on the final leg of their journey. Housing for All is one of the mega initiatives which now actually stand a real chance of seeing fruition.
Elaborating upon what does it really mean when we talk about 'Housing for All' Dr. Niranjan Hiranandani, President, NAREDCO said, "When we talk about our Prime Minister's Housing for All ambition, we need to understand the exact meaning of it. Housing for All shouldn't be taken as owning a house, even if you are living in a rented house, you own a home where you can live with your family. So, the Modi 2.0 Government should think of improving the rental housing status in the country also. Even in the US, 100 per cent population doesn't have their own house. But, the rental housing status there is so ordered that it doesn't matter whether you are living in a rented house or in your own house."
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.