Centre allocates additional Rs.180 bn for PMAY (Urban) housing scheme

The Union government has announced an additional outlay of Rs.180 bn for Pradhan Mantri Awas Yojana – PMAY (Urban), over and above the Rs.80 bn allocated in the budget, to give an extra push to the government’s ‘housing for all’ mission. This is part of the centre’s measures for revival of the housing and real estate sector in the third tranche of economic stimulus. It will help in smooth implementation and completion of affordable housing projects, while also helping the steel and cement sectors. Separately, the government also offered income tax relief to help builders clear inventory and boost demand from home buyers as part of the stimulus package aimed at supporting economic recovery.