Key Highlights of the Indiramma Housing Project

• Accelerated Selection Process: The government has prioritized the selection of beneficiaries, aiming for transparency and speed. Minister Reddy emphasized that the selection will be completed by the 20th of this month, focusing on those in dire need of housing.
• Project Scope: Each house will cover 400 square feet, with the government targeting the allocation of 3,500 houses per constituency in the initial phase as a Diwali gift to the people.
• Beneficiary Selection: The selection will be carried out by village committees using a specially designed app that will include essential details such as Aadhaar numbers, ensuring that the process is free from political bias.

Phased Allotment

The Indiramma housing project will be executed in four phases:

1. First Phase: Foundation work for 1 lakh houses.
2. Second Phase: Completion with financial aid of 1.25 lakhs.
3. Third Phase: Additional support of 1.75 lakhs for slab completion.
4. Final Phase: An additional 1 lakh for finishing touches.

Overall, beneficiaries can expect a total financial assistance of 5 lakhs deposited into their accounts throughout these phases.

Financial Overview

The estimated cost for the first installment of the Indiramma housing project is projected at Rs. 28 thousand crores. The budget has allocated Rs. 7,740 crores specifically for this initiative, with the government committed to sourcing necessary funds regardless of federal support. Minister Reddy reassured the public that the government would prioritize the completion of Indiramma houses without engaging in political maneuvering during election season.

Upcoming Local Elections

In addition to the housing project, Minister Reddy also addressed upcoming local elections, confirming that the sarpanch elections will be held in December, aiming for completion by Sankranti. Responding to political comments regarding future leadership, Reddy confidently stated that Revanth Reddy will remain Chief Minister for the next four years, with the Congress party poised to regain power in the subsequent election cycle.

This initiative reflects the government’s commitment to addressing housing shortages and improving living conditions for the underprivileged, paving the way for a more equitable future in Telangana.

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The Union Budget 2024-25 acknowledges the challenges faced by different sectors. However, there are limited measures directly benefiting the real estate industry. Nevertheless, the proposed infrastructure projects and emphasis on the Pradhan Mantri Awas Yojana (PMAY) are expected to have a positive impact on the residential and commercial segments.

Key Points from the Union Budget 2024:

• Income Tax Slab Revisions: The Finance Minister, Nirmala Sitharaman, introduced tax exemptions for individual taxpayers opting for the New Tax Regime, aiming to boost consumer spending and stimulate economic growth. Notable changes include an increase in standard deduction to Rs 75,000 and a revision in family pension deductions.
• PMAY 2.0: The budget allocates resources to construct an additional 3 crore homes under PMAY 2.0, emphasizing affordable housing initiatives to support both rural and urban areas. Additionally, PMAY Urban aims to cater to the housing needs of 1 crore urban poor and middle-class families through central assistance.
• Stamp Duty Reduction: FM Sitharaman recommended State governments to lower stamp duty rates, particularly for properties bought by women, to facilitate home purchases.
• Land Reforms: The government is focusing on land-related reforms in both rural and urban regions, which include digitizing land records through GIS Mapping for efficient property management.
• Rental Housing: The budget proposes dormitory-style accommodations for industrial workers in rental housing under Public Private Partnership (PPP) mode with VGF Support, addressing urban housing challenges strategically.
• PM Surya Ghar Muft Bijli Yojana: A notable scheme plans to install rooftop solar panels to provide free electricity to one crore households, promoting sustainable energy solutions.

Challenges Identified in the Union Budget 2024:

• The absence of anticipated measures such as GST reduction on construction materials and GST rebate on rental income.
• Disappointment among homeowners due to unaddressed expectations, including the distinction between principal and interest repayment slabs for home loans.
• The real estate sector’s long-standing request for ‘Industry’ status remains unmet, hindering equity investment and access to lower-interest loans.

While the budget focuses on crucial areas like transport infrastructure, there are areas that could receive more attention, including addressing inflation for mid-segment homebuyers, streamlining affordable housing definitions, providing tax relaxations on home loans, and granting industry status to the real estate sector.

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