Chandigarh nod to CHB to sell units on freehold basis

Tribune News Service

Dushyant Singh Pundir

Chandigarh, April 25

The UT Administration has given its approval to the Chandigarh Housing Board (CHB) to sell its leasehold commercial as well as residential properties on a freehold basis. The decision was taken at a review meeting, chaired by UT Adviser Dharam Pal here today.

The Board of Directors had requested the Administration to delete the condition from the conveyance deed of 123.79-acre land at IT Park to enable the CHB to also sell non-residential property on a freehold basis.

As per the condition, the transferee shall not transfer the land under non-residential use except on a leasehold basis as per terms contained in the Development Agreement to be executed by the CHB with the developer as per the directions of the Administration.

After detailed deliberations, it was decided that the condition provided in the conveyance deed of 123.79-acre land at IT Park should be deleted by the Administration with the approval of the UT Administrator.

Also, all residential properties build by the CHB on the land allotted on a leasehold basis may immediately be sold on a freehold basis after depositing the applicable conversion charges in accordance with the decision already taken. However, all commercial properties build by the CHB on the land allotted on a leasehold basis may immediately be sold on a freehold basis after approval from the UT Administrator.

“However, since the formula for computation of conversion charges in respect of commercial properties is yet to be finalised, the CHB will take the payment of applicable conversion charges as and when the formula is finalised by the competent authority,” said Yashpal Garg, Chief Executive Officer, CHB.

The CEO said, “Nearly 98 leasehold properties are lying unsold with the CHB. Some of these were constructed 30 years or even 44 years ago, but are lying unsold. “The CHB is incurring an expenditure on their repair and maintenance. Last year, about Rs. 50 lakh was spent on the repair of these units, but these could not be sold on a leasehold basis, despite repeated inclusion in the e-tender nearly 10 times in the past one year, he said.

Garg said there was an immediate need to sell these properties on a freehold basis to avoid further deterioration. Early sale of the vacant properties would also boost economic activity in the city, he said.

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