Punjab tweaks property buy rule

The Punjab government has given 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 per cent to 1 per cent, said Anil Joshi, Minister for Local Bodies, Punjab.

Joshi said the government was receiving a lukewarm response from 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 per cent. So, local bodies department decided to lower the amount of earnest money from to 1 per cent.

The minister said a buyer would have to deposit only 10 per cent of the amount instead of 25 per cent after the 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.