Chandigarh to auction commercial properties on freehold basis

Chandigarh, March 14

After more than 17 years, the UT Estate Office will hold auction of commercial properties on a freehold basis.

Harjeet Singh Sandhu, Assistant Estate Officer, said as many as nine booth sites, two nursing home sites and one SCO site had been put up for auction on a freehold basis.

He said the last auction of commercial units on a freehold basis was held in 2004.

Unable to attract buyers to its commercial sites on a leasehold basis, the UT Administration had recently allowed the auction of residential, commercial, industrial and nursing home sites on a freehold basis.

Sandhu said the e-auction of all 12 sites would be held from March 26 to 28.

The nine booth sites are located in Sectors 33-D, 36, 36-D, 44-C and D and Sector 39-D and the area ranges from 25 sq yard to 69.89 sq yard. The SCO site is located in Sector 42 with area of 121 sq yard, while both nursing home sites are located in Sector 51 with area of 763.33 sq yard each.

The reserve prices of booth sites are in the range of Rs61.35 lakh to Rs1.66 crore, while the reserve price of the SCO is Rs3.73 crore. However, the reserve price of each nursing home site is Rs6.71 crore.

The Estate Office recently earned record revenue of more than Rs37 crore from the auction of eight residential sites on a freehold basis. Against the reserve price of Rs18 crore for eight plots, the Estate Office fetched Rs37.5 crore with an increase of 108 per cent. — TNS

The sites

Nine booth sites are located in Sectors 33-D, 36, 36-D, 44-C and D and Sector 39-D and the area ranges from 25 sq yard to 69.89 sq yard. The SCO site is located in Sector 42 with area of 121 sq yard, while both nursing home sites are located in Sector 51 with area of 763.33 sq yard each.

Join Whatsapp Channel of The Tribune for latest updates.