PMAY falters in Mumbai as land prices, lack of bank credit leave 10,000-15,000 MHADA homes unallocated
The Pradhan Mantri Awas Yojana (PMAY) has failed to allocate 10,000 to 15,000 homes in Mumbai due to high land prices and lack of bank credit for applicants, according to MHADA CEO Sanjeev Jaiswal. Despite constructing nearly 50,000 homes in the Mumbai Metropolitan Region, many prospective beneficiaries struggle to secure financing, as the ₹2.5 lakh subsidy does not cover the gap between home costs and what low-income households can afford. This issue is exacerbated by the prevalence of informal employment among potential beneficiaries, limiting their access to bank loans.