Finance Minister Nirmala Sitharaman announced plan to digitize urban land records using Geographic Information System (GIS) mapping.
Shares of CE Info Systems (MapMyIndia) gained 8.55% and Genesys International Corporation jumped 11.28% after the FM said that rural land-related procedures will now be assigned a unique land parcel identification number while urban land records will be digitised with GIS mapping to help improve finances of the urban bodies in the country."Rural land-related actions will include assignment of a unique Aadhaar for all lands, digitisation of terrestrial maps, survey of lands, and establishment of land registry," stated by FM Nirmala Sitharaman.
"An IT-based system for property record administration, updating and tax administration will be established. These will also facilitate improving the financial position of urban local bodies," the finance minister said as part of her Budget speech.
The Economic Survey 2023-24 had highlighted the governments challenges in on-boarding digital land records, which often lead to delays in land acquisition for national highway projects.
The FM, Nirmala Sitharaman presented the first Union Budget of the Modi 3.0 government and her 7th consecutive one during the Monsoon Session of Parliament.
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