A first: 18 freehold business units up for e-auction by Chandigarh MC

Sandeep Rana

Chandigarh, August 24

For the first time, the local Municipal Corporation is going to offer its 18 commercial properties in Mani Majra on a freehold basis via e-auction.

In all, 15 SCFs, two restaurants and a motor trade site will go under the hammer. The reserved price for SCFs has been kept between Rs 3.05 crore and Rs 3.19 crore, while the base price of restaurants is Rs 6.25 crore. The sites are located near the Mani Majra bus stand, opposite Dhillon mall.

The civic body has prepared the terms and conditions of the e-auction. The dates for filing of bids will be released soon.

The booths are of 110 and 115 sq yd area, while the restaurant sites measure 225 sq yard. The prospective bidders will have to deposit 2 per cent of the reserved price as earnest money. The booths are meant for general trade/new special trade. One of the SCOs is for motor trade.

Besides, the process for e-auction of 200 other commercial and institutional properties that were converted from leasehold to freehold is on. In the first phase, these 18 Mani Majra properties have been put up for auction.

These properties have been lying unsold for several years since there were no takers as these were leasehold units and the prices were high.

Among the vacant properties are 20 SCFs and a speciality hospital site in Mani Majra, 105 booths in Mauli Jagran, shops in the Sector 17-22 subway, 40 booths in new overbridge market in Sector 17 and booths in Sector 39.

Earlier, the UT Administration had after a long period approved e-auction of properties on a freehold basis.

Some of these properties are worth crores and had fallen into ruin. Maintenance issues have also cropped up as these properties never got disposed of since construction. All prospective buyers had been pressing for selling these properties as freehold units. These properties could not be auctioned despite repeated attempts.

Converted after remaining unsold

• More than 200 commercial/ institutional properties converted from leasehold to freehold are to be e-auctioned. In first phase, Mani Majra sites are being auctioned
• These properties have been lying unsold for several years since there were no takers as these were leasehold units and the prices were high