Concrete steps to accelerate realty development

Recent policy announcements have continued to give association heads and analysts reason for cheer with the auspicious Ganeshotsav just around the corner

- Sheetal S Patil

Mumbaikars are always more comfortable getting their home search or purchase off to an auspicious start and the real estate markets are already in a positive mood on the eve of Ganeshotsav this year with good reason. During the past few months, policy announcements at periodic intervals, which are expected to have a positive impact on the realty sector and also benefit home buyers, have given association heads as well as analysts reason to rejoice on a regular basis.

Most recently, the National Real Estate Development Council (NAREDCO) has welcomed the Union Cabinet's approval of the Pradhan Mantri Awas Yojana-Urban (PMAY-U) 2.0 scheme. With an investment of ₹10 lakh crore and a substantial government subsidy of ₹2.30 lakh crore, the PMAY-U 2.0 Scheme aims to facilitate the construction of one crore houses for urban poor and middle-class families over the next five years.

The introduction of new components such as Redeemable Housing Vouchers and the Technology Innovation Grant are noteworthy additions to the scheme. These elements will not only make housing more accessible but also promote the adoption of innovative and sustainable construction technologies.