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 for the purpose from 10% to 1%.
Stating this here on Wednesday, local bodies minister Anil Joshi said that the 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 high. He said that now the Local Bodies Department has decided to lower the amount of earnest money on the lines of PUDA, GMADA and GLADA.
The Minister further said that after 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 completion 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 multiplexes and hotels.