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Due to the low rate of return and
difficulties in management in Real Estate business, the investment in the Real
Estate shall be given lower priority
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Only good bargains pertaining to
clear titled commercial plot/building may be executed for own offices of the
Institution
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Purchase of buildings in
residential areas shall be avoided to eliminate the problems of
commercialization fee etc. and un-easy access
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Small
offices in commercial areas with high potential for increase in
value may be constructed/purchased with
provision of accommodation for banks or reputable national institutions
performing related functions
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One
or two room on the pattern of Bachelor Officers Quarters may be
reserved/constructed for use of
employees of the Institution at reasonable rent
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In bigger cities, at least one
furnished room may be reserved for visiting officers to minimize hotel
expenditure
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No property shall remain unutilized
to avoid deterioration of value and unnecessary fixed costs like watchman,
electricity etc
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Illegal occupation of the
properties shall be checked by entrusting the responsibility of protection of
property to the local Regional/Zonal Heads. They shall not only have constant
watch on properties in their jurisdiction but shall also evaluate good proposals
for profitable use and sale of buildings. They shall make suitable
recommendations at appropriate time for purchase/sale etc. of properties
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Vacant plots if found profitable
for construction, shall be so constructed or sold when found feasible to avoid
non-utilization charges
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The
new construction, additions/alterations and major repairs and
maintenance shall be carried out preferably through government
controlled consultants i.e. NESPAK, PEPAC, REMCO, FMCL etc.
Contractors for each job shall be pre-qualified for work at various stations
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Periodical maintenance of all the
properties shall be done through pre-qualified contractors for respective
cities. The emergency works may be carried out locally by Regional/Zonal
Head with the approval of Competent Authority through Real Estate Division
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Uniform standards of rates of
various jobs shall be maintained for all stations
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Separate accounts for property
income shall be maintained and monitored. Performance of Real Estate
Division shall be evaluated on the basis of increase in property income, capital
gains and reduction in litigation