Punjab cabinet's decision aims to streamline payment process for properties sold by ULBs

CHANDIGARH
: In a decision aimed at streamlining and expediting the payment process for properties sold by
urban local bodies
, the
Punjab
Cabinet on Friday approved an amendment to the Punjab Management and Transfer of Municipal Properties Rules, 2021. A decision to this effect was taken by the Council of Ministers in a meeting held here under the chairmanship of Chief Minister
Bhagwant Mann
, said an official statement.
"As per the amendment, the Cabinet has decided to reduce the time period to six months for depositing the sale price by allottees for properties sold by the Urban Local Bodies.
"So, the allottees will now be required to deposit the full sale price within 180 days from the date of allotment, replacing the earlier provision of six half-yearly instalments. The decision aims at the faster realisation of revenue by urban local bodies, strengthening of Municipal finances and facilitation of the common man by a reduction in legal disputes related to delayed payments," the statement said.
With the objective to further tap Punjab's growth potential by developing a vibrant environment for entrepreneurship, the cabinet also gave the nod to allot Rs 5 crore to Punjab Innovation Mission to help meet its objectives.
The decision has been taken in view of the immense contribution of the mission to unleash Punjab's growth potential and create a thriving economy by generating jobs and inviting investment.
"The mission is also important for the state as it acts as a catalyst to further give impetus to develop Punjab as an industrial hub in the country," the official statement said.
In order to streamline the promotions in the Punjab Police, especially among those promoted from the Sports quota, the Punjab Cabinet also gave a nod to frame service rules for the officers/employees serving in 207 Specially Promoted Cadre.
This decision will regulate the future promotions of these Police personnel and further streamline their other service matters.
Likewise, based on recommendations of the Group of Secretaries committee to review redundant laws/ regularisation and decriminalisation, the Cabinet also approved the Punjab Appropriation Acts (Repeal) bill, 2025.
As per the recommendations of the committee, the Department of Finance has considered the proposal and identified its appropriations acts for repealing, which authorised departments to incur expenditure from the Consolidated Fund of the state.
Repeal of Appropriation Acts, whose terms have ended, will in no way have any adverse effect on actions that were validly taken or to be taken in relation thereto pursuant to these Acts, the statement said.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Indian Express

21 minutes ago

• Indian Express

Reliance Power stock jumps 100% in 3 months: A turnaround or another bubble?

After 17 years, Reliance Power is back in the spotlight with a 100% rally in just three months. This mirrors the frenzy of February 11, 2008, when the company made its debut with a blockbuster IPO of Rs 11,563 crore. At that time, India's power sector was booming, and Reliance Power was raising funds for the country's biggest 28GW power development. However, it was also the time when the subprime financial crisis was starting to unfold in the US. The current environment resembles that of 2008. The US economy faces potential disruptions due to tariffs and geopolitical stress, while India's green energy projects are moving ahead due to government subsidies. Renewable energy IPOs are on the rise, and companies like Suzlon Energy have turned their fate around in this cyclical upturn. Investor optimism isn't limited to Reliance Power. RattanIndia Power's shares jumped 36% in under a week. Reliance Power and RattanIndia Power Stock Price Momentum Between May and June 2025 Meanwhile, Reliance Home Finance, another Anil Dhirubhai Ambani Group (ADAG) firm, rallied 115% in a month, fueled by speculation around a potential comeback of Reliance Power. So, the key question arises: Is this market reaction backed by fundamentals, or is it just another bubble? As per media reports, order wins, debt cleanup, settlement of legal cases, and fresh funding have raised the hopes of a turnaround and are driving Reliance Power's share price. But is this enough, given the near insolvency of parent Reliance Infrastructure and the group's corporate governance issues? Searching for value, we will look at each of the reasons and identify if it justifies the stock price. Are project wins a sign of a turnaround? Not necessarily. Reliance Power is no stranger to winning big orders. Its IPO aimed to raise money for 12 projects with a combined installed capacity of 28GW, the largest in the country at the time. However, prolonged delays and legal issues related to its power projects resulted in the company having enormous debt. In 2010-11, Reliance Power's 2,400 MW gas-based thermal power plant in Samalkot, Andhra Pradesh, failed due to a natural gas shortage. The company was left with Rs 2,500 crore in debt from the Export-Import Bank of the United States, which it settled in December 2024. Reliance Power had a long list of such projects that piled up bank debt, which it has been settling for the past few years by selling assets. Now, Reliance Power is trying its hand at large-scale solar and battery energy storage system (BESS) projects. Reliance Power project wins in 2025 Nature of client Client Project Size Investment PSU SJVN 350 MW solar-BESS – PSU Solar Energy Corporation of India 465 MW solar and 1.86 GW BESS Rs 10,000 crore Bhutan Government Druk Holding and Investments 350MW solar and 175MW BESS Rs 2,000 crore Source: Press Releases The timely execution of these projects within the budget and operational efficiencies will determine whether contract wins are good news for shareholders. Reliance Power's share price surged after the company announced that it has 'zero bank debt and no default' in its Q4 FY25 earnings released on May 9. This is a significant milestone, considering its recent escape from insolvency proceedings, unlike other ADA group companies (Reliance Capital and Reliance Naval and Engineering). The turnaround has come through equity dilution. Debt has been converted into shares and warrants, and subsidiaries have been sold off as lenders liquidated pledged shares. For instance, the Rs 3,872 crore loan guaranteed for Vidarbha Industries Power (VIPL) was resolved in September 2024 via pledged share sales. Every time Reliance Power reduced its debt, the company's share price showed a remarkable jump. Reliance Power's 5-Year Stock Price Momentum Factors Driving Reliance Power's Stock Price Momentum Period Reliance Power Share Price Rally Reason for rally 9-May to 11-Jun 2025 84% No Bank debt 13-Sep to 4-Oct 2024 70% Settled VIPL guarantee 15-Mar to 5-Apr 2024 47% Debt Settlement with ICICI Bank 27-Oct-2023 to 5-Jan-2024 87% Consolidated net loss narrowed to Rs 237.76 crore in Q2 FY24 and Rs 1,000 crore preferential raising 19-May to 16-June 2023 40% Made a Rs 1,200 crore one-time settlement offer to lenders of VIPL 19-Feb to 18-Jun 2021 411% Reduced debt Source: Media reports and company statements But does it mean Reliance Power's troubles are over? Not exactly. The company has converted most of its debt to equity and convertible warrants. Equity will dilute when these warrants are exercised, thereby reducing its earnings per share (EPS). As of now, Reliance Power has over Rs 15,153 crore debt on its balance sheet, which is 0.88x its equity as on March 31, 2025. Debt clean-up is a sign of turnaround. However, its impact on stock price could fade because of equity dilution. What about the future rally? Beyond debt reduction, the focus may now shift to sustainable earnings per share (EPS). Thus, stock price rally could be driven by future operational efficiency rather than simply a 'clean-up act' for past inefficiencies. In the case of Suzlon, the stock price rally was driven by revenue and EPS growth from wind turbine orders, which have a faster cash conversion cycle. Reliance Infrastructure has announced plans to enter solar and battery manufacturing. This is one area investors could look forward to, as backward integration could help Reliance Power secure equipment supply at a lower cost. However, competition is intensifying. Companies like Waaree Energies and Premier Energies, both publicly listed, are expanding rapidly with clean balance sheets and vertically integrated models. Many PLI-backed firms are also entering both manufacturing and generation. Reliance Power's success is tied to Reliance Infrastructure. When Reliance Power wins a power project, it awards an engineering, procurement, and construction (EPC) contract to Reliance Infrastructure. Reliance Infrastructure has built Reliance Power's flagship 3.96 GW Sasan Ultra Mega Power Plant in Madhya Pradesh, Butibori plant in Nagpur, among others. While inter-group contracts bring efficiency, they also tie them to others' problems. Hence, it becomes imperative to analyse the situation of Reliance Power and Reliance Infrastructure simultaneously. The Anil Dhirubhai Ambani Group had Reliance Commercial, Reliance Capital, Reliance Naval and Engineering, all of which were sold in insolvency proceedings. As for Reliance Home Finance, promoter holdings have dropped to 0.74%. While the group still holds Reliance Communications, it has been selling communications assets to Jio. What is left of the ADA Group is Reliance Power and Reliance Infrastructure. All hopes of a turnaround depend on these two companies. Hence, their share prices move in sync. ADA Group is riding on investors' hopes of positive returns. With a net worth of Rs 16,337 crore and a market cap of Rs 27,291 crore, Reliance Power has a price-to-book value (P/BV) of 1.65x. It is relatively higher than RattanIndia Power's P/BV of 1.55x but lower than NTPC's 1.75x. Although NTPC has a higher ratio, its fundamentals are way better than Reliance Power's, making the latter look expensive. Small brokerages and individual investment companies remain cautious. A market correction is likely as short-term investors book profits. The two stocks are riding on order wins. A significantly large EPC order book will require huge working capital. For the stocks to sustain their rally, the company has to achieve smooth execution of projects, and the economic conditions have to remain favourable. Reliance Power and Reliance Infrastructure are stocks to keep an eye on for their turnaround signs, but also be cautious for red flags that could disrupt the recovery. Note: We have relied on data from throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information. Puja Tayal is a financial writer with over 17 years of experience in the field of fundamental research. Disclosure: The writer and his dependents do not hold the stocks discussed in this article. The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.

Business Standard

24 minutes ago

• Business Standard

Godrej Properties sells over 1,450 homes for Rs 2,000 cr in Bengaluru

he company sold over 1,450 homes with more than 2.2 million (22 lakh) square feet of area in the first phase of the project Godrej is one of the leading real estate developers in the country | Image: X@GodrejProp Press Trust of India Mumbai Godrej Properties Ltd has sold more than 1,450 flats for over Rs 2,000 crore in its new project in Bengaluru, as consumer demand for premium apartments remains strong. In a regulatory filing on Monday, Godrej Properties informed that it has "sold inventory worth over Rs 2,000 crore during the launch of the first phase of the project, Barca at Godrej MSR City, located in Devanahalli, Bengaluru." The project was launched in April 2025. The company sold over 1,450 homes with more than 2.2 million (22 lakh) square feet of area in the first phase of the project. Godrej MSR City, a township project, has a developable potential of around 5.6 million (56 lakh) square feet and has significant unlaunched inventory remaining, which the company plans to sell in the coming years. Gaurav Pandey, MD & CEO, Godrej Properties, said, "The strong demand reflects growing consumer preference for thoughtfully designed communities that offer a blend of lifestyle, connectivity, and long-term value." Godrej is one of the leading real estate developers in the country. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

New Indian Express

28 minutes ago

• New Indian Express

Revanth government trying to protect KCR, other BRS leaders: Minister Bandi

KARIMNAGAR: Union Minister of State for Home Affairs Bandi Sanjay Kumar on Sunday alleged that with its never-ending investigation into the 'irregularities' in the execution of Kaleshwaram Lift Irrigation Scheme, the Revanth Reddy government is trying to shield BRS bigwigs. Speaking to the media here, the BJP leader claimed that the way the investigation is progressing shows that there is a secret understanding between the ruling Congress and BRS. Holding a copy of the National Dam Safety Authority's report on Kaleshwaram, he said: 'Citing non-availability of water, the KCR government shifted KLIS from Tummidihatti to Medigadda. The Central Water Commission reports say between 1986 and 2013, about 168 tmc of water used to be available at Tummidihatti.' 'If the government had gone ahead with the original plan, the project could have been completed at Tummidihatti with Rs 38,000 crore. But the BRS leaders, for the sake of filling their own pockets, escalated the project to Rs 1.2 lakh crore,' he alleged and demanded that the Revanth government prove its sincerity by seeking a CBI inquiry into the scam. 'Revanth Reddy is now acting like a protective shield of KCR. Despite all the corruption allegations and cases being booked against KCR, the Revanth Reddy government is not arresting him,' he added.