The Self-Financing General Housing Scheme coming up at the IT Park will cost the Chandigarh Housing Board (CHB) around ₹643 crore.
The CHB has prepared a proposal regarding the expenditure, which will be placed for approval before the CHB board of directors during its meeting on September 8.
Only after the approval, the housing board will start further work on the project. The CHB has applied for environment clearance, while the design of the scheme has also been sent to the Plan Approval Committee.
The general housing scheme is planned at Plots No. 1 and 2 of IT Park. Spread over 16.6 acres, it comprises 728 dwelling units of different categories: 28 four-bedroom, 448 three-bedroom and 252 two-bedroom flats.
“While working out the tentative cost earlier, the land cost of ₹70,424 per square yard was taken as per the collector rate on September 2017. Now, collector rates have been revised. As on April 23, 2021, the rate is ₹1.42 lakh per square yard for vacant land. It is ₹14,034 per square foot for ground-floor apartment, ₹12,474 for the first floor and ₹11,695 for the second floor,” said a CHB official privy to the development.
A four-bedroom flat is likely to cost nearly ₹2.75 crore, three-bedroom flat ₹1.9 crore and two-bedroom flat ₹1.3 crore. Only after the board approves the cost estimates for the project, the CHB will finalise the rates of flats.
{{/usCountry}}A four-bedroom flat is likely to cost nearly ₹2.75 crore, three-bedroom flat ₹1.9 crore and two-bedroom flat ₹1.3 crore. Only after the board approves the cost estimates for the project, the CHB will finalise the rates of flats.
{{/usCountry}}A presentation about the scheme was given to UT administrator VP Singh Badnore on July 21, 2020, and was approved in principle.
The UT administration has given the CHB exemption from constructing houses for economically weaker sections (EWS) in this pocket, subject to the condition that its constructs EWS houses equal to 15% of the dwelling units at a separate location.
These EWS flats are proposed to be constructed at Sector 54, for which land has already been allotted, but encumbrance free physical possession of land is yet to be handed over to the CHB.