In line with its strategy to conduct regular property auctions and achieve ambitious revenue goals, the estate office has identified approximately 25 properties to be auctioned this financial year. The majority of these properties will be residential and will be offered on a freehold basis. The properties, which include a combination of residential, commercial, and institutional types, are set to be auctioned by the end of April.
The estate office is taking measures to ensure that these properties are free from encumbrances, meaning they are legally owned and devoid of mortgages, liens, or legal disputes, thus providing a clear and marketable title.
This ensures that no third-party financial or legal obligations are present. The estate office aims to generate revenue ranging from Rs 200 to Rs 250 crore from auctions in the first quarter of this financial year. By the conclusion of the current financial year, the Chandigarh administration intends to monetize nearly 1,000 vacant properties throughout the city. This initiative is designed to enhance revenue and ensure optimal use of government-owned land and buildings.
The estate office has pinpointed around 1,000 properties across residential, commercial, industrial, and institutional categories that may be auctioned, contingent on market demand. This includes approximately 130 residential sites, 205 commercial sites, 168 industrial sites, five nursing home sites, and one institutional site. According to senior officials from UT, the administration anticipates generating over Rs 1,000 crore in revenue during the current fiscal year.
Additionally, the estate office plans to implement e-auctions on a monthly basis. Officials indicated that last year, the administration granted in-principle approval for monthly auctions, after which a comprehensive schedule was developed. The proposed auction timetable for the new financial year has been submitted to the relevant 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.
