BENGALURU: An exercise by the estate wing of Bruhat Bengaluru Mahanagara Palike (BBMP) to bring all properties under its ambit has found that the lease of 113 properties needs to be taken back. In the past four months, BBMP identified 6,828 properties in the city and brought them under its ambit. It is also fixing the notional value of these properties.
So far, of the 6,828 properties, 324 properties worth Rs 4554.64 crore were leased to government agencies, and 235 properties, worth Rs 3579.54 crore, were leased to commercial units, which are now being checked.
"Of the 235 properties, the lease of 113 properties has expired, and we are on the fast track to get them back, as the notional value is high. Some who continue to enjoy the properties even after the lease agreement is over, are demanding that old financial revision should continue. However, we are keen on new guidance values as they will improve BBMP's financial condition also," a senior BBMP official told The New Indian Express.
The official said a notice was served to all 235 commercial property tenants to bring their lease documents for verification also. "This is the first time the exercise of ascertaining the exact value of all properties under the corporation's ownership is being done, to know their exact asset value," the official added.
Apart from this, the assessment of all other properties, including pedestrian spaces, using Property Identification Numbers, is also being done to ascertain their ownership. In cases where there are encroachments, details are being checked with maps and revenue department records.
"Of the 6,828 properties, 1,020 are parks and playgrounds, 205 lakes, and many other open spaces. The notional value of these properties is not being fixed as they will not be touched, even if BBMP has to mortgage its properties," the official said.
"The notional value of all the other properties is being fixed based on current guidance value and will be revised when guidance values are revised next year. A detailed study of all properties in newly added areas of Bengaluru is being done, because there are many vacant sites and a sudden mushrooming of construction activities," he added.