TNNChandigarh: As part of its decision to hold regular auction of properties and meet ambitious revenue targets, the estate office has shortlisted around 25 properties to go under the hammer this financial year. Most of these properties will be residential and will be available on freehold basis. The properties, a mix of residential, commercial and institutional, will be put up for auction by April-end. The estate office is taking steps to ensure that these properties are free of encumbrances — which means that they are legally owned, free from mortgages, liens or legal disputes for a clear and marketable title. It guarantees that no third-party financial or legal liabilities exist.The estate office aims to generate revenue of around Rs 200 to Rs 250 crore from auctions in the first quarter of this financial year. By the end of the current financial year, Chandigarh administration plans to monetise nearly 1,000 vacant properties across the city. The move is aimed at boosting revenue and ensuring optimal utilisation of govt-owned land and buildings.The estate office has identified around 1,000 properties spanning residential, commercial, industrial and institutional categories, that can be put up for auction, depending on market response. These include around 130 residential sites, 205 commercial sites, 168 industrial sites, five nursing home sites and one institutional site.According to senior UT officials, the administration expects to generate over Rs 1,000 crore revenue in the current fiscal. The estate office also plans to conduct e-auctions on a monthly basis. Officials said last year, the administration gave in principle approval to holding auctions every month, following which a detailed schedule was prepared. The proposed auction schedule for the new financial year has been submitted to the competent authority for approval.Officials said the administration is working towards making property auctions a regular annual exercise, similar to the annual revision of collector rates. This, they said, would help prevent illegal occupation of govt land, support a healthier real estate market and unlock revenue, that otherwise remains tied up in vacant properties, requiring maintenance and upkeep. MSID:: 130002011 413 |
