The Union Panchayati Raj Ministry said that rural residential properties worth Rs 1.37 lakh crore can be monetized to get loans through the SVAMITVA scheme. The Swamitva scheme is a drone-based survey to demarcate properties in rural areas.
The ministry said that earlier the mapping of populated areas of villages was not done in many states. Due to this, there was a decrease in taking institutional loans there. However, since this survey, many property owners can secure bank loans with their property cards, now there is a legal basis for this.
For economic progress in rural areas, Prime Minister Narendra Modi launched the Village Survey and Mapping (or Swamitva) scheme in 2020 with improved technology. So far, about 3 lakh 17 thousand villages and 92% of the total target of 3 lakh 44 thousand villages have been surveyed. Out of these, people in one lakh 36 thousand villages have got their property cards. Now on December 27, PM Modi will launch the distribution of five million property cards across India.
Information about the owner related to the property is not clear
According to the Hindustan Times report, Peruvian economist Hernando de Soto said that capitalism does not work in developing countries. The reason behind this is that the owner of the land here is not clear. Panchayati Raj Ministry Secretary Vivek Bhardwaj said that the ownership scheme is related to rural populated areas. Under this scheme, PM Modi will distribute 50 lakh property cards.
People here have a lot of property, but nothing has been defined about who owns that property. Therefore, people do not get bank loans. This leads to a decrease in economic activity. Taking into account even the lowest market rates of the respective area, the value of such properties has been estimated at Rs 1.37 lakh crore. However, its actual value may be more than this.
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