Union Cabinet has approved the creation of National Urban Housing Fund worth 60 thousand crore rupees.
The fund will be situated in Building Materials and Technology Promotion Council under the Ministry of Housing and Urban Affairs.
It will facilitate raising requisite funds in the next four years so that flow of Central Assistance under different verticals is sustained and construction of houses to address the gap in Urban Sector progresses smoothly.
The Ministry has so far sanctioned 39.4 lakh houses under Pradhan Mantri Awas Yojana (Urban).
There is a very good response from the States and nearly 2-3 lakh houses are being sanctioned every month. More than 17 lakh houses have been grounded and about 5 lakh houses have been completed.