Property News

Property News #10: Bengaluru civic body, one-time settlement in Ghaziabad, Rajasthan housing board

Bengaluru civic body eyes Rs 557-crore assets with lapsed leases to fill coffers

The cash-strapped BBMP needs to use its properties, whose leases expired. In its kitty with 116 such properties worth Rs 557 crore, Palike searches two choices: renew their rent at the current market rate, or take over and finally sell them off.

BBMP has employed 324 properties – 235 in private use, 43 in government, 22 in religious groups, and 24 in education.

The focus of BBMP is currently on commercially leased properties. Of the 235 in this range, 119 are still valid under a lease with a total of 25.4 lakh sq. ft. and Rs 3,122 crore of worth. The remaining 116 assets over 5.4 lakh square ft. and 557 crores in value have lapsed.

Leases of 168 properties have expired in Bengaluru East and West years ago, but officials waked up to collect fines from the defaulters. The leases have gone off and the number of defaulters is high,” another official on condition of anonymity said. ‘Bengaluru, east and west areas also have several properties leased off nearly ten to 15 years ago.

Only 16% defaulter property owners apply for one-time settlement in Ghaziabad

There are 85 commercial properties in eastern Bengaluru, according to records, of which 28 have to surpass their rental period. For the western zone, 83 and 58 are the corresponding numbers. Notices have been given to the defaulting leaseholders under the Karnataka Public Premises Act (eviction of illegal occupants) 1974.

The Ghaziabad Development Authority (GDA) has hundreds of crores of rupees stuck as 8,294 people have defaulted to repay their properties instalment. 

Just 16% of more than 8,000 default landholders in Ghaziabad responded to the one-time settlement scheme (OTS) of the government.

In March 2020, the state government initiated the OTS scheme. But because of the lockdowns and the pandemic, it failed to achieve its goal.

The OTS has given the defaulting companies a few relaxations. “If the amount to be charged is Rs 50 lakh, defaults shall be expected to deposit one third and the remainder in three installments within 30 days. In the next four months, the cumulative sum must be deposited. 

If the amount payable exceeds Rs 50 lakh, in 30 days one-third of the amount must be paid. In a span of six months, the balance can be paid in three installments. When defaults decide to pay the whole amount in one go, 2% of the default amount will be discounted. 

If the amount has not been paid within the time specified, OTS benefits are revoked, and defaulting persons are charged 11 percent default interest.

Rajasthan housing board receives possession of 24 MLA bungalows

Of the 54 bungalows in the Rajasthan Housing Board (RHB), 24 have been owned by MLA and the demolition drive is being initiated. The proceeds from the sales of these Lal Kothi and Jalupura bungalows will be used to construct the apartments.

On the outskirts of the legislative assembly, the RHB proposed to construct an eight-story house to accommodate 160 MLAs. Taking the project as a special case, the height of the building of 28 metres against the 15 metre referred to in the building bylaws has been suggested.

The urban planning and housing (UDH) will earn the last nod to provide relief in the bylaws. 

The apartment would measure 3,200 sq. feet and consists of four bedrooms, a dining room, a kitchen, and a household bedroom.

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Bengali Property News#10। Advocate Chenoy Ceil | RHB MLA। OTS Gaziabad। Bengaluru Civic Body

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