Budget 2022 Rs 48,000 crore allocated, 80 lakh houses to be completed in FY23 under PMAY

On Tuesday, Finance Minister Nirmala Sitharaman announced allocation of whopping Rs 48,000 crore for completion of 80 lakh houses under the Pradhan Mantri Awas Yojana (PMAY), both rural and urban, during the next fiscal year.

In her budget speech, the Finance Minister said, “In 2022-23, 80 lakh houses will be completed for the identified eligible beneficiaries of PM Awas Yojana, both rural and urban. Rs 48,000 crore is allocated for this purpose.”

She also said that the Centre would work with states for reduction of time required for all land and construction related approvals, for promoting affordable housing for middle-class and Economically Weaker Sections (EWS) in urban areas.

“We shall also work with the financial sector regulators to expand access to capital along with reduction in cost of intermediation,” the minister said.

To improve the land records management, she said that the states will encouraged to adopt Unique Land Parcel Identification Number to facilitate IT-based management of records.

“The facility for transliteration of land records across any of the Schedule VIII languages will also be rolled out,” she said.

The adoption or linkage with National Generic Document Registration System (NGDRS) with the ‘One-Nation One-Registration Software’ will be promoted as an option for uniform process for registration and ‘anywhere registration’ of deeds and documents.

As per the Economy survey done on Monday, 33.99 lakh houses were completed in 2020-21 and 26.20 lakh units as on November 25, 2021 under the Pradhan Mantri Awas Yojana – Gramin (PMAY-G) programme.

If we talk about the Pradhan Mantri Awas Yojana-Urban (PMAY-U), 14.56 lakh houses were completed in FY21. In 2021-22, 4.49 lakh houses were completed till December 2021.