NLMC consultants get six-month extension

New Delhi: National Land Monetization Corporation Ltd (NLMC) has extended the empanelment of international property consultants (IPCs) till December 31 this year. The objective is to expedite the process of the government’s asset monetization programme, official sources told Bizz Buzz.

It may be recalled that the NITI Aayog, in collaboration with the ministries concerned, fixed a target of Rs6 lakh crore for the asset monetization programme for 2021-22 to 2024-25 it had prepared. However, the target could not be achieved. For the first two years, 2021-22 and 2022-23, against the objective of getting Rs2.5 lakh crore, the accruals were around Rs2.3 lakh crore. In the last fiscal too, the achievement has been around Rs1.56 lakh crore against the target of Rs1.8 lakh crore. NLMC, a fully-owned government company under the Ministry of Finance, is mandated to monetize non-core assets of central public-sector enterprises (CPSEs) and other government agencies. Last year, it had empanelled 11 IPCs for monetisation.

The selected IPCs were: SBI Capital Markets Ltd, CBRE South Asia, Ernst &Young LLP, Cushman Wakefield India, KPMG Assurance and Consulting Services LLP, Deloitte Touche Tohmatsu India LLP, Colliers International (India) Property Services, Anarock Property Consultants, Jones Lang La Salle Property Consultant, Darashaw & Company, and RITES Limited.

While empanelling the IPCs, NLMC had said the period of engagement would be initially for one year, but it could be extended for a period of two years on the same terms and conditions. Each extension would be for a maximum period of one year. In view of this, NLMC has approved the extension of engagement period for empanelment of the IPCs by six months, the sources said, adding that the other terms and conditions will remain the same.

The government’s asset monetization programme is aimed at unlocking the value of non-core assets (largely land, buildings, and other immovable properties) across the country. This includes surplus, unused, or underused assets with no clear and present plan for the optimal use in the near future.