Govt to monetise its property

The local bodies department has asked all 167 urban local bodies (ULBs) to identify properties and make an inventory so that it can unlock value. Here is an overview of the implementation plan, once the new law is notified.

THE SIX PROPERTY ZONES

ULBs falling in Amritsar zone have property worth ₹358 crore, Ludhiana ₹1,481 crore, Bathinda ₹6,890 crore, Patiala ₹25 crore, Ferozepur ₹2,625 crore and Jalandhar ₹937 crore. Improvement trusts have property that is valued at ₹3,300 crore and municipal corporations have property estimated at ₹8,233 crore.

WHO WOULD FIX COST?

A local bodies’ department official said anyone in legal possession of a property under an ULB for 12 years or more, without a break in between, is eligible to become the owner. He/she needs to complete the formalities and pay the price that a price fixation committee that the deputy commissioner heads will fix. The MP and some MLAs will also be the members of this committee.

WHO COULD BECOME OWNER?

The base rate will be collector rate and the following slabs are in place.

12.5% OF THE COLLECTOR RATE

For economically weaker sections (EWS) with annual income of not more than ₹3 lakh

25%

For low income groups (LIGs) having income more than ₹3 lakh and less than ₹8 lakh

50%

For medium income group (MIG) with income more than ₹8 lakh and less than ₹15 lakh

AT COLLECTOR RATE

For high income group having annual income of more than ₹15 lakh