Reserve price of 5-acre plot at Chandigarh IT Park may be Rs 169 cr

Tribune News Service

Dushyant Singh Pundir

Chandigarh, March 7

The Chandigarh Housing Board (CHB) is all set to auction a 5-acre residential plot on a freehold basis at IT Park for the construction of flats.

However, the CHB has proposed the reserve price of the plot at Rs169 crore, which is likely to be approved by the Board of Directors of the CHB at a meeting tomorrow.

The CHB has eight freehold residential plots of different sizes at IT Park. Initially, the CHB will auction only one plot.

The board will also take up conversion of commercial properties, including industrial and nursing home sites, from leasehold to freehold, constitution of a property allotment committee and appointment of a senior standing counsel at the meeting.

Recently, the UT Administration has allowed the e-auction of residential, commercial, industrial and nursing home sites on a freehold basis. While the CHB has been allowed to e-auction property on a freehold basis, the existing property will have to be first converted from leasehold to freehold.

In a letter to the Secretary, Estates, the CHB had recently submitted that 123.79 acres had been allotted by the UT Administration to the CHB on a freehold basis at IT Park in August 2008. However, a restriction had been provided in the conveyance deed that the transferee shall not transfer the land under non-residential use except on a leasehold basis. Also, many residential and commercial units constructed by the CHB on the land allotted by the Administration on a leasehold basis were lying unsold for many years.

About The Author

Tribune News Service

The Tribune News Service brings you the latest news, analysis and insights from the region, India and around the world. Follow the Tribune News Service for a wide-ranging coverage of events as they unfold, with perspective and clarity.

Join Whatsapp Channel of The Tribune for latest updates.