How Will Allocation Under PMAY Boost Affordable Housing in India?

Boost to Affordable Housing: Pradhan Mantri Awas Yojana’s Major Allocation

D Lakshminarayanan, MD of Sundaram Home Finance, highlighted on Tuesday that the significant allocation under the Pradhan Mantri Awas Yojana (PMAY) credit-linked subsidy scheme for both rural and urban areas is a tremendous boost for the affordable housing sector.

Responding to the Union Budget announced by Finance Minister Nirmala Sitharaman, Lakshminarayanan emphasized that reduced stamp duty for women purchasing property is poised to increase the number of first-time home buyers.

“Digitizing land records will enhance transparency, improve revenue compliance, and bolster overall credit flow,” he stated.

In his statement, Lakshminarayanan reiterated, “The substantial allocation under the PMAY credit-linked subsidy scheme for both rural and urban regions is a major advantage for the affordable housing market.”