Srinagar, July 28: Cash-strapped Jammu and Kashmir government today decided to confer ownership rights over nazoo (state) properties, under commercial use, through auction to raise funds for power projects in the state. The decision to this effect was taken at a high level meeting here under the chairmanship of state minister for finance and planning Muzaffar Hussain Beigh, an official spokesman said. The meeting was attended by revenue and rehabilitation minister Hakeem Mohammad Yaseen, chief secretary S S Bloeria and other senior officials of the two ministries. The meeting decided to offer ownership rights to the lease-holders against the market price after identifying all the nazoo properties under commercial use. If the lease-holders refuse to purchase the property against the market price fixed by the government, the same would be put to auction.

The meeting decided to take legal action against the occupants of nazoo land who after getting the land allotted for residential purposes were using the same for commercial purposes. The lease-hood rights of all such leases would be cancelled and the property would be put to auction.

Wherever the lease is valid, no further extension would be given to the lease and the property would be put to sale on market rates.

Bureau Report