06 May, 2020
7 Min Read
Part of: GS-III- Economy-Land (PT-MAINS-PERSONALITY TEST)
The task force noted there is a need for a separate organisation, which can work with various government departments including Railways and Defence Ministry to utilise their surplus land assets.
A government panel on boosting infrastructure investment has recommended setting up a National Land Management Corporation, which would help in monetising state-owned surplus land assets in a systematic and specialised way.
Will help in raising funds from market
Along with monetisation of land assets, the task force on National Infrastructure Pipeline, in its report submitted to the government last week, also suggested measures including strengthening of the municipal bond market, deepening of corporate bond markets, and setting up Development Financial Institutions for the infrastructure sector. The task force pegged the total expected capital expenditure for the infra sector at Rs 111 lakh crore in the next five years.
Having income earning inventory of assets would enable the Corporation to raise equity capital or debt from the markets. These funds can be deployed for the development of surplus land assets, creating a pipeline of developable assets. The Corporation may adopt different models for land monetisation, including securitising a pool of assets through structures like REITs and InvITs. Successful bidders in projects could either make a large upfront payments for the assets combined with annual payments or small or zero upfront payments with annual payments.
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