INVC NEWS
New Delhi / Bhopal – : The government of Madhya Pradesh is embarking on a significant initiative to address the issue of unsold assets held by housing boards and urban bodies. These assets, valued at billions of rupees, have remained unsold for the past decade, posing a challenge for the government and hindering potential economic growth. However, with a new policy proposal underway, there is hope for a resolution to this long-standing problem.
The Housing Board and Authority in Madhya Pradesh possess properties worth approximately Rs 15,000 crore that have yet to find buyers. Additionally, these properties are deteriorating, further exacerbating the urgency to sell them. The government has also noted instances of illegal occupation on some of these assets, underscoring the need for swift action.
To address this situation, the Urban Development and Housing Department has reached out to the Madhya Pradesh Housing Board and various development authorities, seeking their input and suggestions for the formulation of a comprehensive policy. The primary objective of this policy is to expedite the sale of properties that have remained unsold for over a decade. In an effort to attract buyers, the government has proposed a significant discount of 50% compared to the current market prices.
Under the proposed policy, the Urban Housing and Development Department aims to ascertain the true value of the assets by considering factors such as the land cost at the time of construction, the construction cost, and the maintenance expenses incurred. This meticulous evaluation will ensure transparency and provide potential buyers with an accurate assessment of the properties’ worth. By adhering to the current collector guidelines, the government intends to offer these assets at a concessional rate of 50% based on their assessed value.
The sale of these properties is crucial for various reasons. Firstly, it will generate much-needed revenue for the government, which can then be allocated to other developmental projects and public welfare initiatives. Secondly, the sale will help revitalize the real estate market in Madhya Pradesh by attracting investors and encouraging economic growth. Finally, it will put an end to the issue of dilapidated properties and illegal occupations, thereby ensuring the proper utilization of these assets.
In order to promote this new policy and maximize its reach, the government will employ various marketing and advertising strategies. These efforts will focus on highlighting the advantages of investing in these properties, including the significant price reduction and the potential for future appreciation. Targeted marketing campaigns will be conducted to reach potential buyers, both within the state and across the country.
Furthermore, the government will collaborate with real estate agencies, property developers, and financial institutions to facilitate smooth transactions and provide assistance to interested buyers. Streamlined procedures, transparent documentation, and attractive financing options will be made available to ensure a hassle-free experience for buyers.
By implementing this policy, the government of Madhya Pradesh aims to unlock the potential of these valuable assets and catalyze economic growth in the region. The sale of these unsold properties will not only alleviate financial burdens but also create new opportunities for investment and development. It is a progressive step towards leveraging the untapped potential of the real estate market and positioning Madhya Pradesh as an attractive destination for investors.
In conclusion, the government of Madhya Pradesh is poised to sell assets worth billions of rupees that have remained unsold for the past decade. Through a new policy proposal, the government aims to offer these properties at a 50% discount, attracting potential buyers and reviving the real estate market. This initiative will not only generate revenue for the government but also ensure the proper utilization of these assets for the overall benefit of the state. The Madhya Pradesh government’s proactive approach towards resolving this issue demonstrates its commitment to driving economic growth and development.
