Keep in mind neo-middle class: PM Modi to realtors

NEW DELHI: Realty developers need to align their business strategy with aspirations of India’s burgeoning ‘neo-middle class’, said Prime Minister Narendra Modi.

“India’s neo-middle class is growing rapidly…there’s a very big market waiting for you out there,” he advised over 3,000 builders gathered here for CREDAI Youthcon conference while stressing on developing affordable homes.

The Centre has been taking efforts to achieve its stated objective of housing for all by 2022. It has sanctioned 72 lakh homes in urban areas under the Prime Minister Awas Yojana (PMAY) versus 13 lakh homes sanctioned by the previous government between 2004 and 2014.


“For urban areas, the previous government had sanctioned Rs 38,000 crore in 10 years (2004-2014), while we have sanctioned Rs 4 lakh crore in 4.5 years, which is 10 times higher…This is the speed with which we are aiming to provide housing for all,” he said.

The current government has completed 15 lakh homes under PMAY urban, twice the number achieved by the previous government in 10 years.

Modi also highlighted that the current PMAY scheme is not aimed at providing publicity to any particular individual. “Intent is the major difference between the current and previous scheme.”