Union Cabinet approves PMAY-U 2.0 with Rs 2.30 trn housing assistance

The Union Cabinet on Friday approved the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 under which financial assistance will be provided to one crore urban poor and middle-class families through states and Union Territories to construct, purchase, or rent a house at an affordable cost in urban areas in five years.

The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi.

According to a statement, the government will provide an assistance of Rs 2.30 lakh crore under the scheme.

A total of 1.18 crore houses have been sanctioned in the first phase of PMAY-U 2.0, while more than 85.5 lakh houses have already been constructed and delivered to the beneficiaries.

The PMAY-U is one of the major flagship programmes of the Central government which is aimed at providing all-weather 'pucca' houses to all eligible candidates in the urban areas.

"In pursuance of the Prime Minister's vision, PMAY-U 2.0, with an investment of Rs 10 lakh crore, will address the housing