The Ministry of Housing and Urban Affairs aims to sanction 75 lakh houses and construct 30 lakh of them by the end of this fiscal.
The Pradhan Mantri Awas Yojana - Urban (PMAY-U), being implemented by the Ministry of Housing and Urban Affairs under the mission ‘Housing for All by 2022’ since June 2015, needs a concerted push to succeed, says a Crisil statement.
As of 26 November 2018, although 63 lakh houses had been sanctioned, only 12 lakh have been constructed, while 23 lakh are under construction, it said, adding Andhra Pradesh, Uttar Pradesh, Maharashtra, Madhya Pradesh and Tamil Nadu together accounted for 55 per cent share of the sanctions.
The ministry aims to sanction 75 lakh houses and construct 30 lakh of them by the end of this fiscal.
"The central government needs to contribute a whopping Rs 1.5 lakh crore in seven fiscals through 2022, at an average Rs 1.5 lakh per house. However, only 22 per cent of this, or Rs 32,500 crore, has been disbursed so far," the statement said.
Of the total central assistance, Rs 19,000 crore has been factored in the budgetary allocation till fiscal 2019. The balance would be met through future budget allocations and internal and extra budgetary resources, of which Rs 25,000 crore has been provided for fiscal 2019.
Says Prasad Koparkar, Senior Director, CRISIL Research, “Our calculations show the government will have to garner around Rs 1 lakh crore over the next three years if it has to achieve the target of building 1 crore houses. This is going to be a tall ask given the current fiscal arithmetic.”