E-Paper
CHB asks Chandigarh admn to allow sale of commercial properties on freehold basis
After failing to sell commercial properties on leasehold basis at e-auctions held in the past two months, Chandigarh Housing Board (CHB) has now written to the UT estate office to allow their sale on freehold basis
After failing to sell commercial properties on leasehold basis at e-auctions held in the past two months, Chandigarh Housing Board (CHB) has now written to the UT estate office to allow their sale on freehold basis.
At the e-auction which concluded on October 12, CHB managed to sell only one of the 96 commercial leasehold properties that were up for grabs. At the auction held in September, CHB only found three buyers for a total of 99 properties.
Yashpal Garg, chief executive officer (CEO) of CHB, said, “We have written to the UT Estate office to allow us to sell the commercial leasehold properties on freehold basis. We have told them that we are ready to pay the conversion charges,” he said.
Chandigarh adviser Dharam Pal, who is also the chairman of CHB, said, “All commercial properties built by CHB on land parcels allotted by the administration on leasehold basis may also be sold on freehold basis after approval from UT estate office. However, the formula for computation of conversion charges with respect to commercial properties is yet to be finalised. CHB will deposit the applicable conversion charges as and when the formula is finalised.”
Harjeet Singh Sandhu, assistant estate officer (AEO) said, “We are examining the file and will take a decision soon.”
Most commercial leasehold properties of CHB are Sectors 38 West and 40, Manimajra and Kajheri. CHB had even slashed their reserve price by 15% in August this year, but even this managed to generate little interest from buyers.
Kamaljit Singh Panchhi, president of Property Federation, Chandigarh said, “Why will somebody make huge investment on leasehold properties? UT administration should convert them into freehold properties to facilitate their sale.”
