In July 2020, the Ministry of Housing and Urban Affairs, Government of India, announced the Affordable Rental Housing Complexes (ARHC) scheme, as a sub-scheme of the Pradhan Mantri Awas Yojana—Urban (PMAY-U). ARHC aims to address the housing needs of the urban poor and migrants through rental housing, brought to national attention by the reverse migration triggered by the COVID pandemic-induced lock-down. The ARHC scheme is co-terminus with the PMAY-U mission period, that is, March 2022. With a few months left to call for bids and award projects, this piece assesses the state of play in the scheme’s implementation—its emerging modalities, stakeholder engagement and current status—given its importance as India’s first national rental housing scheme.