Despite hindrances, we will recover all properties: Siddaiah

BBMP records show that the Palike possesses 394 properties, while it is said that the number is much more. There are issues of missing records, too. How are you going to ascertain the exact number?

The number of properties is much more than 394. It may be somewhere between 800 and 1,000. We are ascertaining the details of all the properties. Certainly, the missing records are an issue. But based on whatever facts we have right now, and those we acquire in the near future, we will create records and recover our property.

There are many properties whose lease period has expired and not been renewed. Why has Palike not initiated any action to recover them?

Some properties were given to temples, educational institutions and some social organisations which are doing good work. We have restrained ourselves from taking action. But so far as private individuals are concerned, or, for that matter, schools running like a business establishment, we are bound to take action, which we are doing by recovering such properties.

But the action seems to be too slow. What hindrances are restricting you?

There is no hindrance as such. We will recover property.  

On proposal to sell Palike properties and build a corpus fund….

Yes. It has been floated. Such properties must be auctioned. They exist without yielding anything for the Palike. Now, the Palike Council and the government have to decide. The corpus fund will not be used for spillover work, for employee’s salaries and clear the bills of the contractors. It will generate a regular source of income.

Don’t you think that with the rise in inflation, the value of the corpus fund will also come down if certain amount is not deposited in it?

It’s a good idea. Certainly, the corpus fund has to be increased. It should not remain stagnant. It should be so managed that it helps Palike in future.

By selling properties, the Palike may lose its credit worthiness making it  difficult to get loans from Indian and international bankers?

Right now, the properties we possess are yielding nothing. Even if the loans are advanced on the securities of these properties, it is still a burden as we have to repay them along with huge interest.

There are many institutions which hold a huge chunk of land but pay a mere 50 paise to Rs 100 annually. Such properties have proved a white elephant for the Palike. What plans you have regarding them?

If they are serving society, then they should exist. Some of our properties were leased out to schools at a very nominal rate. If we come to know that these schools are running like business establishments, then we will have to work out something differently.