Union Minister of Housing and Urban Affairs, Hardeep Singh Puri planned to achieve its target of providing ‘Housing for all’ under Pradhan Mantri Awas Yojana (PMAY). The deadline for this in two years before the deadline by 2020.
He made this announcement during the 15th National Real Estate Development Council’s (NAREDCO) convention in New Delhi. A total of 48 lakh houses are currently constructed, Around 24 lakh houses have been sanctioned over to beneficiaries under Pradhan Mantri Awas Yojana (Urban) till date & it will be increased to 50 lakh. The central government decided to build 1.12 crore houses by 2022.
Around 84 lakh houses have been sanctioned to date & the remaining will be sanctioned by the end of 2019. As per the estimation, about 600 million people would be residing in cities by 2030, the year in which India is expected to meet the sustainable development goals set by the UN (United Nations).
Puri pointed out that the enactment of RERA(Real Estate (Regulation and Development) Act, 2016) removed many abnormalities in the real estate sector successfully.