Chandigarh Estate Office to Auction 25 Properties, Targets Rs 250 Crore Revenue
In a strategic move to meet ambitious revenue targets and streamline property management, the Chandigarh estate office has shortlisted approximately 25 properties for auction in the current financial year. This initiative is part of a broader plan to hold regular auctions and optimize the utilization of government-owned assets.
Properties to Go Under the Hammer by April-End
The estate office has identified a mix of residential, commercial, and institutional properties that will be put up for auction by the end of April. Most of these properties will be residential and available on a freehold basis, offering buyers clear ownership rights. To ensure transparency and marketability, the office is taking rigorous steps to verify that all properties are free of encumbrances. This means they are legally owned, devoid of mortgages, liens, or legal disputes, guaranteeing no third-party financial or legal liabilities.
Revenue Targets and Long-Term Monetization Plans
The estate office aims to generate significant revenue from these auctions, with projections of Rs 200 to Rs 250 crore in the first quarter alone. By the end of the financial year, the Chandigarh administration plans to monetize nearly 1,000 vacant properties across the city. This effort is designed to boost government revenue and ensure optimal use of land and buildings that might otherwise remain idle.
Officials have identified around 1,000 properties spanning various categories for potential auction, depending on market response. These include:
- 130 residential sites
- 205 commercial sites
- 168 industrial sites
- 5 nursing home sites
- 1 institutional site
Transition to Regular E-Auctions and Annual Exercises
Senior UT officials have revealed that the administration expects to generate over Rs 1,000 crore in revenue during the current fiscal year through these property auctions. To facilitate this, the estate office plans to conduct e-auctions on a monthly basis, building on last year's in-principle approval for regular auctions. A detailed schedule for the new financial year has been submitted to the competent authority for approval.
This shift towards making property auctions a regular annual exercise, akin to the annual revision of collector rates, is seen as a proactive measure. Officials believe it will help prevent illegal occupation of government land, support a healthier real estate market, and unlock revenue that is currently tied up in vacant properties requiring maintenance and upkeep.
