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| Kashmir University buys Rs 4 lakh per kanal land for Rs 20 lakh | | 6 yrs on, Govt yet to order a probe | | Peerzada Ummer
Early Times Report
srinagar, July 13: In 2009, authorities of Kashmir University purchased 300 kanals land for its campus at Zakura, Srinagar for Rs 20 lakh per kanal-the market rate that time was Rs 4 lakh per kanal causing a huge burden on the exchequer. Six years on, a probe is yet to be ordered into the shadowy deal.
The issue remained under the carpet for few years and it was in 2013 when the news got leaked that the authorities had purchased 300 kanals at Zakura in the vicinity of the main campus.
The land had been purchased keeping in view the varsity's future programmes. A memorandum of understanding was later executed between KU and J&K Bank, which was the attorney holder of the 300 kanals of land.
The owners of the land had reportedly authorised the J&K bank to sell their land to the university to adjust their loan accounts.
Later, the university agreed to buy the 300 kanals of land at the cost of Rs 20 lakh per kanal, involving a cost of Rs 56.86 crore. The varsity raised a loan of Rs 52.97 crore from the J&K Bank. A condition was laid down that the loan payment shall be repaid within one year or at the time the government sanctions the amount, whichever is earlier.
Sources said that though many officers in the varsity had objected to the land deal as the site is away from the main campus, the deed was executed without taking into consideration any feedback given by various quarters.
Also, at the time of purchasing the land, the Revenue department was not taken on board under the Land Acquisition Act.
The total expenditure incurred upon the purchase of the land was Rs 71.73 crore which included Rs 11 crore paid by the university as interest against the loan taken from the J&K bank.
"Even the annual audit conducted during that year noticed that the decision to go for the negotiated purchase of encumbered property without proper assessment of immediate and long term requirements was injudicious," the sources said.
The audit noticed in 2013 that the lapse was compounded by accepting a negotiated price without ascertaining the circle or the market rate and further compounded by taking recourse to the costly loan from the J&K Bank.
Moreover, when the revenue records were ascertained at that time, the cost of the land was found Rs 4 lakh per kanal, while the university had purchased the same for Rs 20 lakh per kanal, costing an additional Rs 48 crore on the exchequer.
What is also intriguing is that six years after the murky deal, no probe has been ordered into it so far. |
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