PMAY acting as change agent with demonstrated wealth effect: SBI report

New Delhi: At least 1.2 crore houses have been sanctioned under the Pradhan Mantri Awas Yojana-Urban (PMAY-U) and PMAY-U 2.0 (till August 25), and the scheme is acting as a change agent with it becoming a catalyst for enhanced discretionary and even non-discretionary spending with a demonstrated wealth effect, financial stability and well-being, an SBI report said on Wednesday.

- GNS News Agency

Of all the houses sanctioned, the construction of 75 per cent houses have been completed. "While most of the states have progress rate of 75 per cent or more, there are some states where progress is less than 60 per cent (like Andhra Pradesh, Bihar and Haryana)," said Dr Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India (SBI).