Chandigarh Housing Board Approves Sale of 4.95 Acres in IT Park

169 Crores is the Reserve Price for this Residential Plot, about 250 Flats can be Built

Auction will start from March 10, 8 residential and 8 commercial free hold properties will be auctioned
In the meeting of the Chandigarh Housing Board held on Tuesday, approval has been given to auction a residential plot of 4.95 acres in IT Park. After about four years, the board is going to do land auction here. Earlier the reserve price of this plot was fixed at about Rs 197 crore, this time it has been kept at Rs 169 crore while reviewing the reserve price according to the collector rates. The board has to sell a total of 8 residential free hold plots here, currently only 4.95 acres of plots are being auctioned. After approval in the meeting of the Board of Directors, now online bids will be invited for this plot. This residential plot will be sold through e-tendering. All the bids that are received can be deposited in the form of installation in the next five years. On Tuesday, this meeting of the board was held under the chairmanship of Advisor-cum-Chairman Housing Board Dharampal.
The floor area ratio 2 has been approved here, the cost of 1 acre is about 34 crore
{height of 22.3 meters has been approved for construction in this plot.
{Total 2 Floor Area Ratio (FAR) has been approved.
{The reserve price is a total of Rs 169 crores.
{That is, the rate of one acre of land will be around Rs 34 crore for this plot.
Auction March 10 from 10 am to March 25 at 10 am
{Flats are being sold in residential category in Sector-38 West, 49, 51 and 63, in which the reserve price of EWS flat in Sector-38 West is fixed at Rs 24.35 lakh. Has been.
{The most expensive flat is of MIG category of Sector-51, whose reserve price has been kept at Rs 90 lakh.
{All the properties in the commercial category are in Sector-51A, the reserve price of the booths has been fixed from Rs.80 to Rs.90 lakhs.
Board
Chandigarh to conduct free hold commercial property auction for the first time. For the first time, Chandigarh Housing Board is going to sell its commercial property on free hold basis. The auction is being started by the board from March 10. Along with 8 commercial properties, 8 residential properties will also be sold on free hold basis. Commercial property is being auctioned for the last several months, but due to lease hold, it was not getting good response. Therefore, the CHB had sought permission from the administration to sell them by freeholding, which has been approved.
} About 250 flats will be built
If there is an acre of 4840 yards, then a flat of about 1700 square feet will be built here. Accordingly, about 51 flats will be built on one acre of land. There is a plot of about 5 acres, that is, about 250 flats will be built here on the basis of 1700 square feet. Considering the balcony and the remaining vacant area, the cost of constructing a flat will sit from Rs 66 to 70 lakhs.
In this regard, Naresh Garg Bobby, builder of Zirakpur says – Even if the land is sold for a few rupees more than the reserve price, even then a three bedroom flat on this land will not be available for less than Rs 1.30 crore. The cost of a 'ready-to-move' flat will be around Rs 1 crore on average due to the cost of bars and other construction materials. On the other hand, if the builder builds a luxury flat, then its price can be more than 2 crores.
Other big decisions in board meeting
1. Approval to free hold leasehold property, will now be kept for the final approval of the administration
. The board has approved all types of leasehold properties of Chandigarh Housing Board regarding freehold conversion. Now it will be placed with the Chandigarh Administrator for final approval. Actually, many houses and all the shops in Chandigarh are on lease hold basis. The board had set an agenda to get all of them free hold. The conversion of the property which was received by the board on lease hold basis has also been approved. There are many commercial plots in the IT Park, but buyers are not interested in these due to being on lease hold. Therefore, approval will now be taken from the administrator for freeholding the leasehold property of IT Park as well.
2. The allottees whose houses were canceled should remove the violation by 30th September and get the allotment restored.
Relief has been given to the allottees of CHB whose houses have been canceled due to building violations in the recent past. It has been said that if the violation is removed by September 30, then the allotment will be restored. The same instructions will be applicable for those whose appeals are pending with the Board. Along with removing the violation, the concerned allottees will also have to deposit the restoration charges.
{After four years, the board will put on auction to sell the plot here.

Source:- Dainik Bhaskar