Govt initiates process to auction 'enemy' properties

Govt initiates process to auction 'enemy' properties

Govt initiates process to auction 'enemy' properties

The Ministry of Home Affairs (MHA) has initiated the exercise to auction 9,280 'enemy' properties worth at least Rs 1.04 lakh crore by starting the process of surveying these assets.

These immovable properties including 11,882 acre of land, belonging to people who migrated to Pakistan after partition as well as  during 1965 and 1971 wars.

The MHA exercise came following the enactment of an amendment to the Enemy Property (Amendment and Validation) Act, which said the heirs of those who migrated to Pakistan during Partition and towards China after the 1962 war  will have no claim over the properties left behind in India.

Home Minister Rajnath Singh has recently reviewed the exercise where he was informed that survey of 6,289 enemy properties has been completed. The survey for the rest 2,991 properties will be completed soon.

Sources said the MHA has expedited the process of freeing "encroachment" from these properties. Singh has directed the officials to quickly dispose off those properties which are in authorities' possession.

"Nodal officers appointed by state governments to coordinate for identification, vesting and valuation of enemy properties has been directed to speed up their efforts," a senior official said.

Among the 9,280 properties left behind, the highest 4,991 properties are located in Uttar Pradesh followed by West Bengal which has 2,735 such estates. Karnataka has 20 such enemy properties valued at Rs 15.18 crore.

Though the custodian of enemy properties hold movable and immovable enemy properties across the country worth Rs 1.07 lakh crore, the revenue generation from these are paltry.

While the revenue received from these properties between 2013-14 and 2016-17 is Rs 5.06 crore, which is 0.004% of the value of assets, the government expects huge revenue from its auction.

During 2016-17, the revenue generation till February was Rs 78.83 lakh while it was Rs 1.79 crore in 2013-14, the highest in the past four fiscals.

The value of the total immovable properties stands to the tune of Rs 1,04,340 crore. Movable vested properties consist of shares in 266 listed companies having valuation of Rs 2,610 crore, shares in 318 unlisted companies valued at Rs 24 crore, gold and jewellery Rs 38 lakh, bank balance of Rs 177.60 crore, investment in government securities of Rs 150 crore and investment in fixed deposits Rs 160.58 crore.  

Infographics

Total assets from enemy properties (Pak): Rs 1.07 lakh crore
Immovable Property (Pak) : Rs 1.04 crore

Revenue from immovable assets between 2-0134 and 2016-17: Rs 5.06 crore
2013-14 -- Rs 1.79 crore
2014-15 -- Rs 1.10 crore
2015-16 -- Rs 1.37 crore
2016-17 (till Feb 2017) -- Rs 78.83 lakh

Enemy (immovable) properties (Pakistan) – 9,208
Enemy (immovable) properties (China) – 149

 

DH Newsletter Privacy Policy Get top news in your inbox daily
GET IT
Comments (+)