Punjab Government softens rules for purchase of properties of Improvement Trust and Municipal Corporation

Chandigarh, February 12, 2014: The Punjab Government has given big relief to the general public for the purchase of properties belonging to Improvement trusts and Municipal Corporations by decreasing the earnest money required before the purchase from 10% to 1%. It was disclosed by Anil Joshi, Minister for Local Bodies, Punjab.
Joshi said that the Punjab Government was receiving a lukewarm response from the public for the purchase of Properties of Improvement trusts and Municipal Corporations as the amount of earnest money required to be deposited was as high as 10%. He said that now the local bodies department has decided to lower the amount of earnest money from 10% to 1% on lines of PUDA, GMADA and GLADA.  
The Minister further said that giving another respite to the general public a purchaser would have to deposit only 10% of the total amount instead of 25% at the time of compellation of auction. The Minister expressed hope that with these positive initiatives the Government would fetch good amount of revenue from the purchase of properties belonging to Improvement trusts and Municipal Corporations like Multiplex and Hotels.// punjab news live, punjab news online, punjab news, punjab news headlines, punjab breaking news, india news, punjab news, world news,

http://cityairnews.com/