After getting approval from the UT administration for conversion of leasehold to freehold, the Chandigarh Housing Board (CHB) will put 98 commercial properties for upcoming e-auction. These properties are those that were in poor condition and so there were no takers for them in the past.
On the directions of CHB’s chief executive officer (CEO) Yashpal Garg, the board spent Rs 30 lakh to renovate these properties, which are now ready for e-tender on freehold basis.
Garg visited 55 one-room flats constructed in Industrial Area, Phase 1, and assessed their condition. The CHB is planning to use these vacant flats under affordable rental housing scheme (ARHC) for slum-dwellers, if required.
With the change of status from leasehold to freehold, the board was able to sell five properties in the recent auction, including one residential and four commercial, earning a revenue of Rs 3.67 crore. A residential unit was sold for Rs 26 lakh and four commercial units for Rs 3.41 crore. Garg said based on a market survey and locational advantages of the units, the reserve price of commercial units was increased from Rs 46 lakh to Rs 80 lakh and from Rs 53 lakh to Rs 90 lakh.
The units that could not be sold on leasehold basis with the reserve price between Rs 46 lakh and Rs 53 lakh were sold on freehold for more than Rs 80 lakh and Rs 90 lakh. As compared to reserve prices till February, the highest bids received in the recent auction on freehold basis were almost 70% higher, he added.
