Chandigarh housing board awaits UT admin nod for auction of commercial properties - ET RealEstate

Abstract

CHANDIGARH: The Chandigarh Housing Board is still waiting for approval of the UT administration for the conversion of 98 commercial properties from leasehold to freehold. As soon as the CHB will secure the nod, it will put these properties that were in poor condition and had not found any takers for e-auction. On the directions of CHB chief executive officer Yashpal Garg, the board renovated these properties with an expenditure of Rs 30 lakh. With the change of status of properties from leasehold to freehold, the board was able to sell four properties in the recent auction and five properties in previous one. In the latest auction, the board found buyers for two EWS flats in sectors 40 and 52, and also for two commercial properties in Sector 51 A. In total, the board earned Rs 2.15 crore with the auction of these four properties. In the previous auction, the board managed to sell five, including one residential and four commercial, units in the e-tender of vacant dwelling units, earning a revenue of Rs 3.67 crore. A residential unit was sold for Rs 26 lakh and four commercial units were sold for Rs 3.41 crore.