The Ludhiana Civic body has started approaching the tenants to buy their old rental properties. It has decided to generate the revenue through the sale of their old rental properties. The policy will end on March 31, before the end of policy the civic body wants the tenants to buy their old rental properties.
In the starting month nobody has reached the municipal corporation to avail the policy, so the civic officials have now started approaching the individual’s tenants.
In 2017, the local authority had issued a notification in this regards. It said that the tenants will have to pay 25% of the collector rate of the area and one-fourth payment will have to be given within one month and the rest will be payable in three annual instalments. If the applicant pays the entire amount within the time frame of 30 days, then an additional 5% rebate will be given to the applicant.
We have been visited each market at least thrice, it was found that some tenants had given shops to other for rent and it was tough to track the real tenants, officials claimed.
The Joint Commissioner of Municipal Corporation, Satwant Singh asked, “Officials to issue individual letters to tenants and also give them a call.”
The authority has to recover around Rs 4.5 crore from 631 rental properties. Most of these properties are more than 20 years old but if tenants buy the shop the civic body will be highly benefited.