On July 23, Finance Minister Nirmala Sitharaman delivered a significant speech outlining the government's plans to boost affordable housing and modernize land records. Here's a simplified overview of the key points:

Introduction of Bhu-Aadhaar and Land Record Digitization

To streamline land administration, the government proposed the introduction of a unique identification number for land in rural areas, known as 'Bhu-Aadhaar.' This will be part of a broader effort to digitize all land records in urban areas. Such reforms are expected to simplify land transactions and increase transparency.

For rural areas, the focus will be on:

• Creating a land identification system (Bhu-Aadhaar) for better land management.
• Digitizing cadastral maps to accurately reflect land ownership.
• Surveying and updating land records as per current ownership.
• Establishing a land registry and linking it to farmers' records.

Urban areas will see:

• Digitization of land records with GIS (Geographic Information System) mapping.
• Implementation of an IT-based system for property records and tax administration, which will improve the financial position of urban local bodies.

Incentives for States and Reforms

The Finance Minister mentioned that states will be incentivized for implementing land-related reforms over the next three years. This includes both rural and urban areas, covering aspects like land administration, urban planning, and building regulations.

Urban Development Proposals

Under the PM Awas Yojana Urban 2.0, the government plans to address the housing needs of 1 crore urban poor and middle-class families. This initiative will involve an investment of ₹10 lakh crore, with a central assistance of ₹2.2 lakh crore over the next five years. Additionally, there will be provisions for interest subsidies to make housing loans more affordable.

Impact on the Real Estate Sector

These measures are expected to boost home-buyer sentiment across major cities by rationalizing stamp duty and supporting women homebuyers. The digitization of land records and the introduction of new technologies will enhance transparency and efficiency in the real estate sector.

Conclusion

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