The APHB (Andhra Pradesh Housing Board) has introduced a housing scheme for LIG (Lower Income Groups) in Hyderabad and different parts of the State. The new housing scheme will be provided under the Hire Purchase System and primarily target government employees.
The Chief Engineer of APHB explained, “We introduced hire purchase system after realizing that the financial institutions and banks do not come forward to fund for construction of LIG houses or flats.”
Under the scheme, prospective buyers need to pay only 40% of the cost to APHB to get the flat and the remaining balance of 60% could be paid in 10 years through EMIs.
About 3,000 flats are to be constructed in Hyderabad, Nalgonda, Nellore, Ranga Reddy, Visakhapatnam and Krishna. Hyderabad will get around 1,900 houses at five places – Red Hills, Nizampet, Chandanagar, Bandlaguda and Kukatpally.
Cost of the flats
Cost will vary depending on the location, a flat of 450 sq feet will cost from a range of Rs.10.30 lakh to 15.50 lakh. The project will begin by March next year and is expected to complete in 18 months.
Primarily, the project has been taken up with an aim to supply housing needs of Class IV government sector employees. Second preference will be given to the level of superintendents of ministerial and outsourced staff and lastly to the general public.
The APHB has recently issued demand survey notification for the proposed housing scheme. The applicants have to pay 10% of cost along with application form and remaining 30% could be paid during construction period.
Of the total flats, 30% would be reserved for women, 16% for SCs, 9% for BCs, 6% for STs, 1% for physically challenged persons and 3% for defense personnel.
Last date for submitting application forms
Applications can be downloaded from APHB’s website and the filled forms should be submitted before December 20.
It will be a self finance scheme
The APHB has two housing projects, one for the MIG (Middle Income Groups) and another for the HIG (Higher Income Groups). Along with two locations in the city, these are to be taken up at different places in the State.
It is learnt that a total of 290 flats will be constructed at Kukatpally and the applications are already being scrutinised and tenders have also been called for taking up the works. Out of 290 flats, 90 are HIG flats and remaining 200 are MIG flats.
In regard with the previous schemes, this will be a self finance scheme wherein either buyers can take a loan from any bank or pay entire amount themselves.
The officials have stated that, the project will start in March next year and is planning to complete the construction of all the 10 storeyed buildings in a year’s time. There was some delay because of the projects above Rs.10 crore costs needs government approval.
The APHB is also constructing independent houses for LIG, MIG and HIG groups at Shamshabad (Raviryal) on the city outskirts, and in Vizag. At Raviryal APHB plans to construct about 470 independent houses and these houses will be given through self finance scheme.
The official also stated that, the issue of registration of houses at the rate of market value prevailing at the time of entering agreement with buyer and APHB has been resolved.