Line-up of 1,000 properties to ring in revenue for UT

Chandigarh: The Chandigarh administration is set to monetise nearly 1,000 vacant properties across the city in a phased manner from the beginning of the next financial year. The move is aimed at boosting revenue and ensuring optimal utilisation of govt-owned land and buildings.The UT estate office 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 an institutional site.
According to senior UT officials, the administration expects to generate over Rs 1,000 crore in revenue during the first two quarters of the upcoming financial year through these auctions. Most of the residential properties identified for auction are located in the southern sectors of the city. Sector 37 accounts for 12 sites, Sector 38 has around 30 sites, while Sector 40 has the highest number with 38 sites.Commercial properties will be spread across various sectors, though southern sectors will have a marginally higher concentration. Sector 39 has the maximum number of commercial sites, 15, followed by around 10 sites in Sector 40. Another 10 commercial sites are located in Industrial Area.Industrial areas constitute a significant share of the properties slated for auction. Ten sites have been identified in Industrial Area, Phase I, while Phase II accounts for around 60 sites. The still-developing Phase III Industrial Area is expected to have nearly 100 sites available for auction.The estate office plans to conduct e-auctions on a monthly basis. Officials said that last year, the administration, in principle, approved holding auctions every month, following which a detailed schedule was prepared. The proposed auction schedule for the new financial year has already been submitted to the competent authority for approval.Over the past year, the estate office undertook a comprehensive exercise to identify vacant properties and ensure that they were free from legal disputes and other encumbrances. Resumed properties were also identified and possession was taken where required. These sites will also be auctioned.Officials said the administration is trying to make 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.In the previous year, the administration earned around Rs 150 crore through property auctions. Officials pointed out that the estate office has an advantage as many of its commercial and industrial sites are available on freehold basis, unlike sites under the municipal corporation or Chandigarh Housing Board, which are largely leasehold and often attract limited interest.All auctions will be conducted through the e-auction portal. Properties that fail to attract bidders in a particular month will be re-auctioned in subsequent months, officials added.BOX: Sites to be auctionedCategory | Sites Residential | 130 Commercial | 210 Industrial | 170 Nursing Home | 5 Motor Market | 130 Rehri Market | 270 Milk Colony | 40 IT Park | 4 Institutional | 1 *Approximate MSID:: 128122347 413 |