CHENNAI: State Finance Minister N Marie Wilson, during his budget speech for the financial year 2026-27 on Wednesday, announced that a pilot initiative, "MY-HOME" (Metropolitan Youth and Family Housing Scheme), will be implemented by the Tamil Nadu Urban Habitat Development Board, under which one lakh housing units will be developed over the next seven years.
The minister said the project is expected to attract around Rs 15,000 crore in investment through public-private partnership (PPP), supported by Rs 3,500 crore in viability gap funding through the state shelter fund.
By combining private investment with government objectives and introducing a digital rental voucher system, the scheme will make safe, dignified housing accessible to low-income families and youth at prices suited to their incomes. It will play a crucial role in transforming Chennai into a city offering equal opportunities, a high quality of life and safe housing for all.
The minister said ensuring safe, dignified and quality housing for low-income families and young people remains a paramount priority of the government.
With 24,131 multi-storied tenements currently at various stages of construction to improve the living conditions of the urban poor and address the pressures of rapid urbanisation, these are set to be completed this year, he said, and added that the construction of an additional 14,194 multi-storied tenements is set to commence during the year, for which an amount of Rs 1,253 crore has been allocated.