In a major push to boost affordable housing, the Bhubaneswar Municipal Corporation (BMC) has signed an agreement with a private sector bank to provide housing loans to beneficiaries struggling to arrange their share of funds under the Pradhan Mantri Awas Yojana (Urban) 2.0.
Pilot Project Details
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First Phase: 600 allottees in Bhubaneswar who have already been sanctioned houses will be covered.
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Financial Model:
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40% – Central Government
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40% – Odisha Government
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20% – Beneficiary (approx. ₹1.5 lakh per house, now supported through bank loans)
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Many beneficiaries have faced challenges mobilizing this 20% share, prompting the civic body to collaborate with banks.
Coordination Efforts
A coordination meeting was recently held with BMC, bank officials, contractors, and departmental representatives to streamline loan processing and help beneficiaries navigate banking procedures smoothly.
State’s Affordable Housing Push
This initiative comes as part of Odisha’s broader mission to accelerate affordable housing delivery.
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Construction: Multiple housing projects are currently underway, led by the Bhubaneswar Development Authority and the Odisha State Housing Board.
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Pricing: Houses range between ₹15 lakh and ₹50 lakh and are allotted via a lottery-based system.
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Future Expansion: The Housing and Urban Development Department plans to extend the scheme to other urban centres grappling with congestion and high property costs.
This step is expected to make homeownership more accessible for lower- and middle-income families in Bhubaneswar, potentially serving as a model for other cities in Odisha.
