Identification and transfer of properties to PPB
Identification of Govt. Properties by the District Revenue Authorities for Privatization. Finalization of Properties by BOR for Privatization. Properties referred to PPB, RPCs and DPCs for privatization by the BOR.
Evaluation procedure
First Evaluation of properties by District Price Assessment Committees (DPAC). Properties exceeding Rs. 50 million by two private evaluators + DPAC. Properties worth Rs. 50 million or below by one private evaluator + DPAC.
Publication
Wide publicity made (at least two ads seven days apart ) in two English/ Urdu Dailies plus cable TV.
Bidding
Auction is held through open bidding process at the venue published in the newspapers. Auction proceedings of properties by DPC’s, RPC’s and PPC are placed before the Punjab Privatization Board.
Approval of Auctions (three levels)
- The Punjab Privatization Board
- Cabinet Committee
- Chief Minister
Transfer of properties and possession
After approval by the Chief Minister, approval letter is issued to the Deputy Commissioner/District Collector concerned for issuance of schedule of payment to the successful bidders. After payment of total auction price the case is referred to the Board of Revenue, Punjab for issuance of sanction to the District Revenue Authorities concerned for execution of sale deed in favour of the successful bidders. The sale deed is incorporated in the revenue record through mutation by the District Revenue Authorities. Possession of the auctioned property is handed over to the successful bidder by the District Revenue Authorities.