India has been witnessing rapid urbanization over the past few decades. With increased inward migration, the cities are growing at an unparalleled rate. In the wake of these factors, housing for all in the urban centers has emerged as a challenge. Pradhan Mantri Awas Yojana (PMAY) is a flagship housing initiative of the Government of India. The mission was launched in 2015 with the objective of providing pucca houses to economically weaker sections middle-income group and lower-income groups (EWS/LIG and MIG) categories, through extended loan terms, subsidized or reduced interest rates, and other financial perks. Affordable housing refers to affordable housing units for those with income below the typical household income. In India, usually, low-income people, middle-income people, and economically weaker sections who have considerably low levels of income (urban areas) are the ones in need of affordable houses. Several barriers have surfaced over the years in the implementation of this noble initiative. A comprehensive examination of these barriers from multi- stakeholders’ perspective is needed. In this backdrop, this research attempts to identify the major issues faced by the main stakeholders. Based on a representative literature survey, specific questionnaires were designed and administered to developers, consumers, the government, and the banking sector in order to identify segment-specific problems. A total of 237 responses were collected highlighting the barriers to the implementation of PMAY from various stakeholders’ perspectives. Relative Importance Index (RII) was used for understanding the major barriers which impacting PMAYfor analysis. RII is a widely used tool in construction management research and is used for identifying the importance attached to a particular factor by the respondents. The most important barriers identified included the high cost of land, lack of clarity on rules and regulations, and financial status of consumers, among others. The research proffers suitable recommendations and suggestions in view of the identified issues. The findings and consequent recommendations of our research are likely to help the various authorities minimize the issues raised by different stakeholders of PMAY.