Introduction

Before 2014, India endured neglect of structural reforms to tackle poor housing, intense health crises, limited education for women and children, and intergenerational poverty. Substandard homes and a lack of sanitation worsened the challenges.

A leadership shift with proactive governance in 2014 was the magic key that unfolded the much-needed respite in this direction. In 2016, Pradhan Mantri Awas Yojana was launched to bridge the affordable housing gap, offering financial aid, inclusive policies, and better living conditions for Indians. After completing 11 years of Prime Minister Narendra Modi-led governance, it has empowered all.

Fostered Social Equity & Inclusiveness

Most of the allocated budgetary support for PM Awas is primarily spent domestically, with minimal leakage (i.e., money spent on imported goods, services, or foreign entities). The economic benefits (e.g., job creation, demand for materials) are retained within India, reducing reliance on imports. It is internally spent on goods and services that we produce locally and on local wages.

Unfortunately, such was never the case before 2014, as archaic appeasement and vote-bank politics preceded national interest in the design of welfare schemes. Homelessness, a century-old complex problem, has been transformed into ‘Housing for All’, rendering social equity and inclusiveness in the Modi era.

While previous governments developed cold feet in accepting accountability for failed promises, the PM Modi-led government walked the talk with secure and affordable housing through PM Awas Yojana (PMAY). So far, under PMAY, over 4 crore homes have been successfully constructed. Almost 60% of houses have been allotted to families from SC and ST communities.

The disabled enjoy 5% of reservations in this scheme, enabling them to purchase or build homes tailored to their needs, easing the economic burden of housing costs. These homes, apart from boosting the local economies, also serve as collateral for easier loan access and allow for the fulfilment of aspirations of better education, entrepreneurship, and business ventures for their residents.

Affordable House with No Compromise on Quality

Interestingly, the delivery of quality affordable housing under PMAY has not come at the expense of cutting corners in services enabled and other socio-economic priorities. Every house offers access to clean drinking water, electricity, LPG, and sanitation—basic needs that many have long been deprived of.

Moreover, every home is geo-tagged with progress getting updated in real-time – this ensures transparency and builds trust between a beneficiary and their government. These homes, while incorporating global best practices in terms of construction, also ensure swift delivery. So, be it an Indian from the North-east or one from Kashmir, scheme benefits have reached one and all, thus an equaliser! This is the essence of PMAY.

Priority to Women as Nation Builders

The PM Modi-led government has always voiced that they envision an empowered Bharat where every woman has a place to call home and the opportunity to fulfil her dreams and contribute to the progress of the nation. In the true spirit of this commitment, under PMAY, 74% of the houses have women as sole or joint owners.

The choices and decisions of an owner (woman) of a PM Awas house are now respected, heard, and hard to discount. This is a generational shift long awaited in the past 65+ years since India’s independence.

Since the inception of the scheme, the government has never allowed women beneficiaries to feel left out, as special attention was given to vulnerable groups of women, such as widows, single women, and those from marginalised communities. The scheme rescued them from the risk of abandonment and a life of hardship.

In addition to housing security, the timely implementation of initiatives such as the Swachh Bharat Abhiyan, SAUBHAGYA, Jal Jeevan Mission, PM Ujjwala, PM Mudra, and Jan Dhan Yojana to improve the living conditions of women has had a transformative impact on their lives. Not only have they been gifted with opportunities to hold the keys to their own home, but also their destiny.

Their quality of life was upgraded due to unrestricted and all-around access to clean sanitation facilities, electricity, clean cooking fuel, tap connections, and financial inclusion. The security that comes with property rights scaled up their positions as decision-makers.

None other than the National Family Health Survey 5 (NFHS 5) confirms that the participation of women in significant household decisions has increased to 88.7% in 2023 compared to 84% five years back. It is a clear departure from the tokenism practised by the prior governments.

Ease of Living- Accessible Homeownership

The fact that home symbolises family, stability, and wealth is quite deeply rooted in India, be it in rural or urban areas. Every constructed home under the PM Awas Yojana Urban 2.0 in urban localities will spread gains across multiple sectors and enhance the Ease of Living for our citizens.

It bolsters and rejuvenates the real estate market. The scheme provides increased financial support through home loan subsidies, easing the burden on first-time homebuyers. Beneficiaries can receive interest subsidies of up to 6.5% on loans for homes priced below Rs. 6 lakh, making homeownership more accessible. Beyond helping individuals, this support boosts demand in the real estate sector.

Conclusion

By encouraging construction activities, PMAY Urban 2.0 is set to create significant employment opportunities across sectors like construction materials, logistics, and services, driving economic growth and strengthening urban development.

No wonder, even our real estate firms are happy that India now has uniquely positioned itself to sustain growth due to the burgeoning new infrastructural creation opportunities, transparent regulations, and accessible finance, during the Modi era, which has become the foundation of our thriving real estate landscape.
This is a welcome change compared to the decade before 2014. PM Awas has ensured that the goal of "Housing for All" in India is delivered both in action and impact with unprecedented efficacy.