Vijayawada: Andhra Pradesh Chief Minister YS Jagan Mohan Reddy is going to launch formally Jagananna Sampoorna Gruha Hakku a One-Time Settlement scheme in Tanuku of West Godavari district on Tuesday.

Under this scheme the Government will register with full rights on their houses to 52 lakhs beneficiaries in the State. The State Government brought this novel initiative, where 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.

According to a press release under this 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 was made totally voluntary.