The Economic Survey reports that 89 lakh urban houses have been completed under PMAY, with 1.38 lakh housing projects registered under RERA.

2025-02-01 01:32:01

The Economic Survey 2024-25 highlights significant progress in urban housing and real estate regulation across India. Under the Smart Cities Mission, over 35,000 affordable housing units have been constructed in 23 cities, while 199 projects worth ₹9,200 crore have been implemented in more than 50 cities.

The flagship Pradhan Mantri Awas Yojana (PMAY) has successfully completed over 89 lakh houses in urban areas. As of November 25, 2024, a total of 1.18 crore houses had been sanctioned, with 1.14 crore under construction and over 89 lakh completed. PMAY (Urban) 2.0, launched in September 2024, aims to support an additional one crore households.

In Budget 2024, the Centre announced assistance for another one crore houses under PMAY (Urban), with a total investment of ₹10 lakh crore, including ₹2.2 lakh crore in central assistance over five years. Additionally, under the first Cabinet decision of the Modi 3.0 government, three crore new houses were approved under PMAY, with two crore designated for rural areas under PMAY (Grameen).

The survey also underscores the impact of the Real Estate (Regulation & Development) Act, 2016 (RERA), in improving transparency and accountability in the sector. By January 2025, over 1.38 lakh real estate projects had been registered under RERA, and an equal number of complaints had been successfully resolved.