Budget 2023: 66% Increase in PM Aawas Yojana Spending

New Delhi: A 66 per cent hike in the Pradhan Mantri Aawas Yojana (PMAY) outlay was declared in the Union Budget 2023-24 presented in the Parliament on Wednesday by Finance Minister Nirmala Sitharaman. Now the hiked PMAY spending will be Rs 79,000 crore in the next fiscal year.

Nirmala Sitharaman said states and cities will be encouraged to take up urban planning. She also said that the Union government will create Urban Infrastructure Development Fund on the lines of Rural Infrastructure Development Fund, which will be managed by the National Housing Bank.

The central government plans to spend Rs 10,000 crore per year on the urban infrastructure development fund. All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks from manhole to machine hole mode, the minister added.

With announcement of hike in PMAY outlay, the shares of real estate companies on Wednesday jumped nearly 3 per cent.