Home Property Dealers E-public sale of 73 properties across Chandigarh on October 10

E-public sale of 73 properties across Chandigarh on October 10

E-public sale of 73 properties across Chandigarh on October 10

After an opening of 9 years, Chandigarh property office is prepared to e-auction 30 business and forty three residential homes throughout the city on October 10.
Most of the economic residences are in southern sectors, which include 36, forty two, forty four, 39 and 40. The reserve price of those houses, which include booths and keep-cum-workplaces (SCOs), begins at Rs 88 lakh. The maximum is that of a showroom in Sector 8 on Madhya Marg — Rs 10 crore.
As a long way as residential plots are worried, the estate office has included -kanal plots, three of 1 kanal and the final of smaller sizes in the public sale listing. The reserve price varies between Rs 1.86 crore and Rs 7.Fifty three crore, relying at the plot length and location. A -kanal residential plot in Sector 33C is the costliest. For taking part within the auction, people can go online to chandigarh.Gov.In.
Rs 100 crore earned in 2009
In the remaining auction held in December 2009, the Chandigarh administration had earned Rs 100 crore. A one-kanal plot in Sector 19 had fetched Rs 4 crore against the reserve price of Rs 1.14 crore.


UT finance secretary AK Sinha said: “The reserve price has been constant consistent with the present collector fees of houses. We will put the listing of homes on web site for one month. We are hopeful of having an amazing response seeing the increase in real property market.”
However, Kamaljit Singh Panchhi, chairman of the Property Consultant Association, Chandigarh, said the e-public sale might show to be a “flop display” as collector fees are very high.
“The business houses to be auctioned are on leasehold, and except and until the UT allows their conversion to freehold, no one will buy them,” he stated. Panchhi additionally questioned the high ground lease of 2.5% on the full amount and 15% service tax.
Even the Chandigarh municipal employer has didn’t locate any taker for fifty one cubicles in Sector 17, no matter 3 auctions and slashing the reserve fee with the aid of 20%. Property dealers attribute the lack of hobby to high reserve rate and the circumstance of leasehold.