Dhaval Monani, Anushka Bhansali and Vibhav Mariwala write on how PMAY is an excellent first step to put mechanisms in place for directly reaching the beneficiaries but it has to evolve so it stays relevant and can be scaled up going ahead.
"The Pradhan Mantri Awas Yojana (PMAY) Housing for All programme was conceived to help families create capital/equity since ownership provides them with an asset that can be used for collateral, making them credit worthy, while also improving their standard of living. However, it has had mixed results largely due to bottlenecks in execution. According to the PMAY-U portal, as of 8 October 2021, 50.83 lakh homes have been delivered out of a total of 87.95 lakh that are under construction."
"The Government of India does not account for the number of houses built under this scheme directly but classifies them under Affordable Housing in Partnership. Based on the data available on the PMAY website, 50.83 lakh houses have been delivered so far. So, if we take the cost per house to the government and multiply it to the number of houses that have been delivered so far, we get an approximate cost to the government of Rs 4.57 lakh crore."
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