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GOVERNMENT TO MATCH THE LAND RATES WITH THE EXISTING REAL ESTATE PRICES

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The property given out by the government is below the present market rates and need to be revised. This has to be done with the real estate price movements. As per the sources saying at the www.propertykhazana.com an audit was performed from land and development office which is under the urban ministry and done in compliance with CAG has revealed huge differences between the government rates and the market charges.
The Controller and Auditor general has suggested, that the informal formula for changing the rent in the respect of leases which was notified in the year 1984, must be replaced by a formula, which is in collaboration with the value of land, so that they can generate reasonable revenue from the land and development offices. According to the website, www.propertykhazana.com eight hotels like Janpath, Ashoka, Le Meridien, Tajman singh, claridges, Bharat and Samraat be obligated the government amounting to INR 520 Crores. The scrutiny of audit includes the hotels, presses, and petrol pumps also have revealed outstanding dues of INR 968 Crores.
The report suggested that the ministry must bring in stringent rules and regulation to make sure that all outstanding rents and dues are cleared with in a time frame. The audit also covered on “The poor people must be given the land at the subsidized rates”. For more information please refer to the website www.propertykhazana.com.
Source: NBTVLIVE

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