Key Messages

In the interim Budget 2024, Finance Minister Nirmala Sitharaman announced the construction of two crore additional houses over the next five years under the Pradhan Mantri Awas Yojana Gramin (PMAY-G) and the introduction of a new housing scheme for the middle class. This is a commendable step towards realising the goals of the ambitious ‘Housing for All’ initiative and builds on the success of the PMAY scheme, which has facilitated the construction of nearly three crore rural and 80 lakh urban affordable houses since 2015.

The announcement also prompts us to critically think about the potential trade-offs with quality of life and environmental concerns as a result of the rapid expansion of the housing sector. This is evident in the case of affordable housing, where the emphasis is on mass production, prioritising speed, cost, and ease of construction over factors such as thermal comfort and the implementation of low-carbon infrastructure.

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