Dec 21, 2021, 17:34 IST

WEST GODAVARI: Andhra Pradesh Chief Minister YS Jagan Mohan Reddy announced that the One Time Settlement scheme would be extended till April 2nd (Ugadi day) for beneficiaries to register themselves. The Jagananna Sampoorna Gruha Hakku' (One-Time Settlement scheme) was launched in the State on Tuesday at Tanuku in West Godavari district in a special occasion marking the birthday of the Chief Minister.

Chief Minister YS Jagan Mohan Reddy formally handed over the registration documents to a few select beneficiaries officially marking the launch. 8.26 lakh people who have already benefited from the scheme will also be given registration decrees for the government-sanctioned houses from Tuesday.

Benefits of OTS scheme

Under the OTS scheme, registration with full rights on their house would be given to over 52 lakh beneficiaries.

A novel initiative under this scheme all the loans and their interest on the government-sanctioned homes would be waived off and provide full right over the property with just a nominal amount, even those properties that cost up to Rs 20 lakh.

Under the OTS scheme, the government will be providing permanent ownership to the beneficiaries for their houses constructed under various government schemes, at an expenditure of Rs 16,000 crore, including the loan waiver and exemption of registration fees.

As part of the scheme, the government is waiving off the principal and interest amounts to the tune of Rs 10,000 crore of 40 lakh beneficiaries who availed of loans from the AP Housing Board Corporation since 2011.

The scheme is totally voluntary, without any compulsion.

The beneficiaries get a freehold on their house in the place of dwelling rights and enable them to gift or hand over the inheritance to the next generations besides securing the right to mortgage it as an asset for availing bank loans.

The beneficiaries can use this scheme by paying nominal amounts, where Rs 10,000 in villages, Rs 15,000 in municipalities and Rs 20,000 in municipal corporations.

In case if the loan amount is lesser than the stipulated amounts, then the beneficiaries can pay the outstanding loan amount and get complete rights on their property.

Similarly, people who have constructed houses in the government-allotted lands with their own money and don't have full rights can avail of registration by paying just Rs 10 and securing their property.

Post-registration, the property would be removed from the prohibited lands under Section 22 (A) and the beneficiary can carry out any legal transaction without any hassles.

Also Read: Andhra Pradesh: OTS Scheme To Start By December 21st