Prime Minister Narendra Modi today launched the NDA government’s flagship Pradhan Mantri Awas Yojana (PMAY) housing scheme, along with its long-planned Smart Cities mission and the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) urban renewal initiative.
As part of the three missions, the government will look to create 2 crore houses by 2022 by providing a central grant of Rs 1 lakh to Rs 2.3 lakh per house by way of a 6.5 percent interest subvention scheme; look to create 100 smart cities through a Rs 48,000 crore initiative; and push for urban infrastructure upgrade for 500 cities in a Rs 50,000 crore scheme.
As part of the three missions, the government will look to create 2 crore houses by 2022 by providing a central grant of Rs 1 lakh to Rs 2.3 lakh per house by way of a 6.5 percent interest subvention scheme; look to create 100 smart cities through a Rs 48,000 crore initiative; and push for urban infrastructure upgrade for 500 cities in a Rs 50,000 crore scheme. The scheme was launched by the Prime Minister in the presence of municipal commissioners, mayors and state-government ministers and officials from across India.