Union Budget 2024: Govt to launch dormitory-style rental housing for workers

Union Budget 2024: In her presentation of the Union Budget 2024, Finance Minister Nirmala Sitharaman announced a range of measures aimed at addressing housing shortages and advancing urban development. This budget marks the beginning of Prime Minister Narendra Modi’s third term and Sitharaman’s seventh as Finance Minister.

Affordable dormitory-style rental housing

The government will facilitate dormitory-style rental housing for industrial workers through a Public-Private Partnership (PPP) model. This initiative is expected to improve living conditions for a notable portion of the workforce, offering a more organised and cost-effective housing solution.

Major investment in urban housing

To tackle the housing needs of 1 crore urban poor and middle-class families, the Finance Minister announced an ambitious investment of Rs 10 lakh crore. This significant outlay aims to address housing shortages and enhance living conditions for these key demographic groups.

Rooftop solar initiative: PM Surya Ghar Muft Bijli Yojana

In a move to boost renewable energy adoption, the government has launched the PM Surya Ghar Muft Bijli Yojana. This scheme aims to install rooftop solar panels for 1 crore households, promoting sustainable energy solutions and reducing electricity costs.

Affordable housing and gender equity

The Union Budget 2024 introduced several impactful measures aimed at enhancing urban infrastructure and promoting sustainable development. Key amongst these is the government’s focus on reducing rental costs through the promotion of affordable housing projects. This initiative seeks to address housing shortages and make living spaces more accessible to a broader segment of the population.

Additionally, a dedicated scheme has been introduced to support women purchasing properties. This measure aims to boost greater gender equity in the real estate sector, providing women with increased opportunities to own property and contribute to economic growth.

The Union Budget 2024 sets a forward-looking agenda with its focus on housing and urban development.

(Source: Republicbiz)