Property Dealers

E-auction of 73 residences across Chandigarh on October 10

After a gap of 9 years, Chandigarh estate workplace is prepared to e-public sale 30 commercial and forty-three residential houses across the city on October 10.

Most of the economic residences are in southern sectors, including 36, forty-two, 44, 39, and 40. The reserve charge of those properties, which encompass booths and keep-cum-places of work (SCOs), starts offevolved at Rs 88 lakh. The maximum is that of a showroom in Sector eight on Madhya Marg — Rs 10 crore.

A -Kanal residential plot in Sector 33C is the most costly. As far as residential plots are concerned, the property workplace has protected two-canal schemes, three of 1 Kanal and the final of smaller sizes in the auction listing. The reserve price varies between Rs 1.86 crore and Rs 7.53 crore, relying on the plot size and place. For taking part in the auction, humans can go browsing to chandigarh.Gov.In.

Rs one hundred crores earned in 2009

In the last public sale held in December 2009, the Chandigarh administration had earned Rs one hundred crores. A one-Kanal plot in Sector 19 had fetched Rs 4 crore against the reserve rate of Rs 1.14 crore.

UT finance secretary AK Sinha stated: “The reserve fee has been fixed according to the prevailing collector prices of properties. We will position the listing of homes on a website for one month. We are hopeful of getting a perfect reaction seeing the increase in the real property marketplace.”

However, Kamaljit Singh Panchhi, chairman of the Property Consultant Association, Chandigarh, said the e-public sale might prove to be a “flop display” as collector prices are very high.

“The commercial houses to be auctioned are on leasehold, and unless and until the UT lets in their conversion to freehold, nobody will buy them,” he said. Panchhi additionally wondered about the excessive floor lease of 2.5% on the full quantity and 15% carrier tax.

Even the Chandigarh municipal agency has did not discover any taker for 51 booths in Sector 17, regardless of 3 auctions and slashing the reserve fee through 20%. Property sellers attribute the lack of interest to high reserve prices and the situation of leasehold.

Margie Willis

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