Rural development ministry offers help to identify idle assets or land parcels for monetisation

Economy


The rural development ministry, on Tuesday, said it can assist the government in identifying the idle assets or land parcels lying with ministries while fixing a base price for monetisation of such assets. This comes following a budget announcement by finance minister Nirmala Sitharaman on monetising the surplus land with government ministries, departments and other public sector enterprises.

“The rural development ministry can play a vital role in identification of surplus government land, ascertaining the market value of land and transfer of ownership of land,” the ministry said in a statement.

Budget Banner

Para 89 of the budget speech had said the main focus will be to identify the non-core assets that largely consist of surplus land with the government ministries, departments, public sector undertakings and thereafter adopt the procedure of monetizing the land with the use of special purpose vehicle (SPV).

According to the statement, the department is maintaining and continuously updating the land records database of the states/UTs in a comprehensive system. This includes information related to more than 90% villages (5.90 lakhs villages against 6.55 lakhs villages) records of which are being maintained by the rural development ministry, it said.

Loading...

“Therefore, the department can assist the SPV to identify the land which is not used by the concerned department,” it said.

The ministry is of the view that in order to monetize the surplus land available with the government, it would be compulsory that a minimum base price for the value of the land may be ascertained.

“Since it will be difficult for the SPV to ascertain the actual market value of the land scattered across the country, the rural development department can assist them to ascertain the minimum base price required for monetizing the surplus government land,”it proposed.

Further, the ministry said that once it is essential to transfer the land ownership to the requisitioning entities, the Registration Act, 1908, being administered by the ministry can be of immense help. “The transfer of the ownership along with registration can be facilitated centrally by this department using the appropriate provisions of the Act,” it added.



Source link

Articles You May Like

London stock exchange boss sounds the alarm on SPAC ‘froth’
Stock futures dip after a steep sell-off on Wall Street amid surging bond yields
GST Return Filing Last Date: Govt extends last date for annual GST filing till March-end for FY 20
Rocket Companies, Lyft, Michaels, Ambarella & more
Chinese foreign minister calls for ‘non-interference’ between China, U.S.

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading...