Sale of freehold residential, commercial, retirement homes and industrial sites | Chandigarh News

Chandigarh: The Chandigarh administration decided on Thursday to sell freehold residential, commercial, industrial and nursing home sites instead of the current lease. The move comes following a high-level meeting chaired by UT Administrator Banwarilal Purohit after reviewing all aspects.
With this move, the sale of hundreds of commercial and residential properties from all departments of Chandigarh administration i.e. Chandigarh Housing Board, Municipal Corporation and Real Estate Board will be launched through auctions electronics.
Authorities, who had failed to sell many properties due to their leasehold nature, are now quite optimistic.
“In lease mode, the acquirers have to pay an annual lease to the authority, which is high in the commercial segment. Also, they don’t get the right of ownership, so they don’t get any ease of loan or a difficult lending facility. For these reasons, properties have remained unsold. With this conversion from leasehold to freehold, property prices may increase slightly. Hopefully this will lead to a real estate boom, mainly in the commercial real estate segment,” a UT official said.
While issuing orders in this regard, the UT said, “Currently in Chandigarh, residential properties are auctioned on a freehold basis, while commercial, industrial and retirement home sites are auctioned on the basis of of a lease. After the approval of the administrator, the administration authorized the online auction of residential, commercial, industrial and nursing home sites in accordance with the provisions of the Capital of Punjab (Development and Regulation) Act 1952 and Chandigarh Estate Rules, 2007. , as amended from time to time.
The administration clarified that, in accordance with the provisions of the said law and these rules, the sites will be sold by way of auction or allocation.

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