The State has earmarked ₹1,132 crore for the LIFE housing scheme for the financial year 2024-25. Finance Minister K.N. Balgopal says the State has been forced to shell out more funds for the Pradhan Mantri Avas Yojana (PMAY) Gramin and Urban as the Centre refuses to pay its share.
In the Budget presentation, Mr. Balagopal said 3,71,934 houses had been completed under the LIFE scheme in the State so far and that the figure will reach 4.25 lakh by the end of the financial yea. The State had spent ₹17,104.87 crore on the scheme so far, ₹1,966.36 crore in 2023-24 alone.
The Centre has set the total cost of a house under the PMAY-Gramin scheme as ₹1.2 lakh and pays its share of ₹72,000 per house. In the case of PMAY-Urban, the centre has fixed the cost as ₹2.5 lakh and pays ₹1.5 lakh per house as its share. However, the State has fixed the cost of a house as ₹4 lakh in both cases and, hence, pays the complete amount besides the Central share to the beneficiaries.
