CHANDIGARH: In a bid to achieve ambitious revenue goals, the estate office plans to conduct regular property auctions, having shortlisted approximately 25 properties for this financial year. Most of these properties will be residential and sold on a freehold basis.
A variety of properties, including residential, commercial, and institutional types, will be auctioned by the end of April. The estate office is ensuring that these properties are free of encumbrances, meaning they will have clear and marketable titles without any mortgages, liens, or legal disputes, ensuring no third-party financial or legal claims are attached.
The goal for the estate office is to raise between Rs 200 and Rs 250 crore from the auctions in the first quarter of this financial year. By the end of the current fiscal year, the Chandigarh administration aims to monetize nearly 1,000 vacant properties throughout the city. This initiative is designed to increase revenue and promote the efficient use of government-owned land and buildings.
The estate office has identified around 1,000 properties, encompassing residential, commercial, industrial, and institutional categories, that could potentially be auctioned depending on market demand. This includes about 130 residential sites, 205 commercial sites, 168 industrial sites, five nursing home sites, and one institutional site.
According to senior UT officials, the administration anticipates generating over Rs 1,000 crore in revenue during the current fiscal year.
The estate office also intends to hold e-auctions monthly. Last year, the administration received in-principle approval for monthly auctions, leading to the creation of a detailed schedule. This proposed auction timetable for the new financial year has been submitted for official approval.
Officials disclosed that the administration is striving to establish property auctions as a regular annual event, similar to the yearly revision of collector rates. This approach aims to deter illegal occupancy of government land, foster a healthier real estate market, and unlock revenue that tends to be tied up in vacant properties requiring maintenance.
