Chandigarh Housing Board extends date for making e-bids

Chandigarh Housing Board land at IT Park in Chandigarh. (Expess photo)

FAILING TO get any bidder in the auction of three sites at Rajiv Gandhi Chandigarh Technology Park (IT Park), the Chandigarh Housing Board has decided to extend the date for making e-bids.

The auction which was to close early this month will now close on October 31, 2017. Also, as there wasn’t any response, the board has decided that the money can be deposited in six instalments in a period of two and a half years.

Talking to Chandigarh Newsline, CHB Chairman Maninder Singh said, “We have tried to make the terms and conditions more attractive. Earlier, one had to pay the amount within nine months in four instalments all of 25 per cent each. Now we have extended the period of payment upto 2.5 years and in six instalments.”

In the new terms and conditons, the first instalment which a buyer would have to pay would be 25 per cent of the sale or bid price within 24 hours of the acceptance of the bid. The second instalment which would be 15 per cent of the sale price can be made within 180 days of the sale. The third, fourth, fifth and sixth instalment which would be 15 per cent of the sale price can be made within 360 days, 540 days, 720 days and 900 days of the sale respectively.

This was the first such auction of CHB which had the reserve price at a really hefty price. The reserve price of a 4.55 acre residential plot was (IT Park) was pegged at a whopping amount of Rs 181.39 crore while a school plot spread on 4.50 acres had its reserve price as Rs 188.37 crore.

The hospital plot which is spread on 8.23 acre space had its reserve price as Rs 344.03 crore. The reserve price had been fixed at prevailing collector rates.

There are a total of 13 sites which would be auctioned for housing colonies at 123 acres of land under Habitat Project. Although there are 15 sites, of these, 13 would be auctioned to builders or developers while on the other two sites, CHB will be constructing 600 flats.

It was last year when the CHB got back the land from Parsvnath Developers. In October 2006, the board had decided to develop this site with the Parsavnath developers. However, the project could not be started. Later in 2016, CHB took the land back after paying over Rs 560 crore. Now, in this project, the 123 acres would be used not only for a housing colony but there would be a five-star hotel, gymnasium, swimming pool, club, community centre and marriage palace as well.