KMC set to update its inventory of immovable properties & their valuations

Kolkata: At a time when the Kolkata Municipal Corporation (KMC) is working on floating bonds to raise money from the market, Mayor Firhad Hakim has ordered that the list of the civic body’s immovable properties and their valuations be updated since it was observed that several of such properties do not feature in the record while valuations dating back to several years continue to show in the list instead of the current market prices.

The KMC councillor Ratna Sur has brought to the attention of the Mayor that many of the immovable properties belonging to KMC in several wards are absent from the civic body’s inventory list of immovable properties.

She also pointed out that among the ones that are present on the list, some properties continue to show the valuation that date back several years instead of the current market price in 2023.

She suggested that proper evaluation and enlistment of assets of the civic body is vital for determining the exact valuation of the bonds. The councillor also pointed out that a land parcel worth crores in today’s time was gifted to KMC in 1994 but it does not feature in the list of immovable properties. According to her, buyers would want to know the exact amount of assets held by the civic body.

Recognising the need to carry out such measures, mayor Firhad Hakim asked all councillors to notify KMC in case they find that there is a property belonging to KMC but it is not on the list. He said that councillors will be the appropriate authority to carry out this work since they know heir respective wards better than department officials.

The Mayor also asked the chief valuer and surveyor department to update the list by mentioning the current values of these immovable properties and include ones that do not feature but are in possession of KMC.

He said that the civic body keeps adding and subtracting its list of immovable properties as it goes on to buy or sell them. “We keep acquiring new properties with the recent being the land at New Town where the material recycling plant has been set up,” he said.

The Mayor said that money that will be raised from the market through the bonds will be used for infrastructure development such as roads. Asked if the need for raising money from the market arises from the fund crunch that KMC is reeling under, he denied it and said that on the contrary, “it is the well-placed position of KMC that instils in us the confidence to raise money from the market.” He said that the credit rating agency CRISIL has given the civic body an AA rating which places it in the fourth position from the top.